Customer Identity Leader LoginRadius Announces $17 Million Series A Funding from ForgePoint and Microsoft’s Venture Fund, M12
The Cloud-Based cIAM Company Plans to Accelerate Product Innovation and Expand Globally to Serve the Fast-Growing $20 Billion Customer Identity Market
LoginRadius, a leader in Customer Identity and Access Management (cIAM), announced a $17 Million Series A Funding led by ForgePoint Capital and Microsoft’s venture fund, M12. All existing major investors also participated, including Real Ventures, BDC Capital, and Yaletown Venture Partners. In connection with the funding, ForgePoint Capital and M12 will join LoginRadius’ Board of Directors. The funds will be used to accelerate product innovation, customer acquisition and global expansion.
Since its launch in 2012, LoginRadius has relentlessly focused on customer identity, while experiencing triple digit annual growth over the past two years. The company has grown to support global offices in Vancouver, London, San Francisco, Sydney, and Jaipur, with plans to more than double its workforce in the next 12 months.
“With increasing customer experience expectations and growing cybersecurity threats, enterprises need a modern cloud-based identity platform that can be the foundation for digital transformation and provide peace of mind when it comes to security,” said Rakesh Soni, CEO and co-founder of LoginRadius. “This funding is a testament to LoginRadius’ ability to deliver on this promise to our customers and sets the foundation for our future growth.”
LoginRadius’ cloud-hosted service provides the platform to securely manage and transact with billions of customer identities while keeping privacy and compliance regulations, such as GDPR, in mind. Leveraging more than 200 pre-built integrations, as well as turnkey configuration, cIAM-focused data security and access management functionality, LoginRadius enables businesses to deliver a unified customer registration, login and self-service experience in months.
LoginRadius’ enterprise-grade identity platform is being used by more than 3,000 businesses, including brands such as Weather Network, Vogue, Canadian Broadcasting Corp (CBC), Viacom, Avatar and Kind Snacks. The highly scalable platform serves more than 700 million identities, while handling 7.5 billion API calls per month. The platform has been deployed on new and legacy applications across multiple channels including web, mobile, IoT, POS and kiosks.
“Customer identity is at the intersection of security, digital business and compliance. This requires significant expertise to build and maintain in-house, resulting in extended go-to market time,” said Deepak Gupta, LoginRadius CTO and co-founder. “LoginRadius provides the answer to this critical challenge with its out-of-the-box solution.”
LoginRadius’ platform is built with RESTful APIs and open sourced SDK libraries that allow developers to easily implement authentication, login interfaces and web SSO. Developers also no longer need to worry about back-end capabilities, including data management, disaster recovery, performance, system availability and scalability.
“Forward-thinking companies are looking for secure, cloud-based identity solutions that can serve a global customer base and handle complex scenarios,” said Nagraj Kashyap, corporate vice president at Microsoft and global head of M12. “We’re excited to invest in LoginRadius because they are delivering on their promise to simplify customer identity management, which allows enterprise companies to more easily achieve their digital transformation ambitions.”