Category-defining companies are the result of a heady mix of qualities combining at the right time. In the case of Beyond Identity, the conjoining forces of significant market tailwinds, exceptional and proven entrepreneurs with game changing technology have ignited a company that will transform the authentication landscape. Evolution Equity Partners is excited to be partnering with Beyond Identity and leading its $100M Series C Round.
Beyond Identity is operating at the nexus of the zero-trust movement at a time when cybersecurity complexity—both for non-security employees and security executives/teams—is at an all-time high as is market awareness that the password’s days are numbered.
Passwords are the oldest and simplest form of authentication, but their overuse and the threats they pose from loss, weak password strength, or poor protection are a leading cause of data breaches. The SolarWinds’ breach epitomizes their flaw with a viewable ‘solarwinds123’ password publicly visible on GitHub that provided the initial attack vector for one the world’s most notable breaches of all time. We know well this is not an isolated incident: according to Verizon, 81% of hacking-related breaches use either stolen and/or weak passwords, and the average data breach costs businesses is close to $4 million.
Beyond Identity offers usability, security, and solves for IT complexity in hybrid workplaces. Beyond Identity replaces the password with secure credentials and public-private key pairs: patented, using secure asymmetric-key cryptography for authentication, their cloud-based platform runs on an app on endpoint devices that creates and manages keys. The result is a frictionless experience for the end-user, while offering better security. This meets the expectations of users who at minimum desire intuitive and enjoyable software experiences with apps; a bar set by the widespread use of apps like Telegram and Instagram by consumers or Slack, Miro, and Trello within a work environment. The usage growth of such SaaS apps, along with hybrid workforces using multiple devices from multiple locations also enable Beyond Identity to solve complexity for modern enterprises. Importantly, Beyond Identity has pulled off the combined feats of better user experience and simplicity while improving security at the same time; it enables organizations to shift towards the goal of a zero-trust strategic cybersecurity model.
Evolution Equity Partner’s confidence in the team, and their ability to execute is paramount. The founding team are unique: serial entrepreneurs who have worked together since 1986 at Silicon Graphics and built and sold several cybersecurity companies throughout multiple software and economic cycles. Notably, Jim Clark revolutionized desktop computing with Silicon Graphics before building the definitive browser of the 90s in Netscape and then building several successful Internet companies from what became WebMD, to MyCFO, and Shutterfly. Thomas Jermoluk “TJ” brings 35 years’ experience to lead this management team and has built several iconic companies including Silicon Graphics and @Home Corporation before serving as GP at Kleiner Perkins. The entire team at Beyond Identity is built around a high-performance culture.
It is not surprising therefore, given the team, the timing and quality of the product, that Beyond Identity is seeing rapid adoption and impressive user feedback. Evolution is excited to partner with this exceptional team.