# Duo Security

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/duo-security

- Industry: Software
- Headquarters: Ann Arbor, US
- Website: www.duosecurity.com
- Total disclosed funding: $120M
- Latest round: Series D (Oct 17, 2017)
- Investors on record: 11

## About

Duo Security, Inc. provides advanced identity and access management solutions, focusing on enhancing security and user experience through innovative products like multi-factor authentication and single sign-on.Founded in 2009 in Ann Arbor, US, Duo Security, Inc. specializes in identity and access management. The company was acquired by Cisco Systems, Inc. for USD 2.35 billion in October 2018. Jon Oberheide, one of the co-founders, has a background in cybersecurity and previously founded other tech companies. The firm has conducted a total of 8 deals, with its most recent deal completed on August 2, 2018, during the Trade Sale round that raised USD 2.35 billion.Duo Security specializes in comprehensive identity and access management solutions, offering a suite of products designed to enhance security while providing a seamless user experience. Their core offerings include multi-factor authentication (MFA), single sign-on (SSO), and advanced identity intelligence tools that collectively address the challenges of modern cybersecurity threats, particularly phishing attacks. These products ensure secure sign-ins and manage user permissions dynamically, catering to a diverse clientele that spans small and medium-sized businesses, enterprises, and governmental organizations across sectors such as finance, healthcare, education, and technology. Duo’s solutions are deployed in multiple geographical markets, including North America, Europe, and Asia.Duo Security operates primarily on a subscription-based revenue model where clients pay a monthly fee per user for access to the company's suite of security products. Their pricing plans include different tiers: Duo Essentials at USD 3 per user per month, Duo Advantage at USD 6 per user per month, and Duo Premier at USD 9 per user per month, catering to varying levels of security needs. This structure allows businesses to select a plan that aligns with their specific security requirements, whether they are small startups or large enterprises. Revenue transactions typically occur through direct sales to businesses, with clients often entering into annual agreements that facilitate predictable revenue streams for the company. The flexibility in their product offerings and pricing ensures that Duo can effectively serve a wide range of customers, providing tailored solutions for each organization's unique challenges in identity security.Duo Security aims to expand its product offerings and enhance its market presence. Following its acquisition by Cisco Systems, Inc., Duo is expected to leverage Cisco’s resources to introduce new products aimed at improving cybersecurity measures against evolving threats. They are targeting expansion into additional markets in Europe and Asia by 2025. The recent acquisition deal, completed in October 2018 for USD 2.35 billion, will support these initiatives, providing the necessary capital for development and market entry.

## Funding rounds

- Series D, Oct 17, 2017, $70M — Index Ventures, Meritech Capital Partners, Redpoint Ventures, True Ventures, Workday, Inc., Lead Edge Capital, Geodesic Capital
- Series C, Mar 19, 2015, $30M — Benchmark, Radar Partners, Redpoint Ventures, True Ventures, GV
- Series B, Nov 7, 2013, $13M — Benchmark, Radar Partners, True Ventures, GV
- Series A, Aug 3, 2012, $1M — Radar Partners
- Series A, Feb 17, 2012, $5M — True Ventures, GV, Resonant Venture Partners
- Seed, Aug 17, 2010, $1M — True Ventures, Resonant Venture Partners

## Investors

- True Ventures (https://capitalatlas.ai/funds/true-ventures) — Seed, Series A, Series B, Series C, Series D
- Resonant Venture Partners (https://capitalatlas.ai/funds/resonant-venture-partners) — Seed, Series A
- GV (https://capitalatlas.ai/funds/gv) — Series A, Series B, Series C
- Radar Partners (https://capitalatlas.ai/funds/radar-partners) — Series A, Series B, Series C
- Benchmark (https://capitalatlas.ai/funds/benchmark) — Series B, Series C
- Redpoint Ventures (https://capitalatlas.ai/funds/redpoint-ventures) — Series C, Series D
- Index Ventures (https://capitalatlas.ai/funds/index-ventures) — Series D
- Meritech Capital Partners (https://capitalatlas.ai/funds/meritech-capital-partners) — Series D
- Workday, Inc. — Series D
- Lead Edge Capital (https://capitalatlas.ai/funds/lead-edge-capital) — Series D
- Geodesic Capital (https://capitalatlas.ai/funds/geodesic-capital) — Series D