Auth0, the US-based digital identity technology provider backed by telecommunications firm Telstra and mobile network operator NTT Docomo, completed a $103m series E round yesterday that valued it at more than $1bn.
The round was led by venture capital firm Sapphire Ventures and also featured Bessemer Venture Partners (BVP), Trinity Ventures, Meritech Capital, K9 Ventures and World Innovation Lab.
Auth0 provides identity verification software that authenticates a total of some 2.5 billion logins each month across web, mobile, internet-of-things and internal systems. Its platform can be customised and also protects users from password leaks.
Eugenio Pace, Auth0’s co-founder and chief executive, said: “This series E funding is validation that what we are doing and the platform we are providing are imperative for the success of our customers.
“Businesses cannot afford a data breach, and this investment is a key indicator that identity management is an industry worth investing in. We are truly grateful for the continued support from our investors for Auth0.”
The company has now raised more than $213m in funding, $30m of which came in a mid-2017 series C round backed by corporate venturing units NTT Docomo Ventures and Telstra Ventures.
Meritech led the series C round, which included BVP, Trinity Ventures and K9 Ventures, all three of which were existing investors, having joined Silicon Valley Bank, Portland Seed Fund and NXTP Labs to supply Auth0’s earlier funding.
Auth0 subsequently raised $55m in a May 2018 series D round led by Sapphire Ventures that also featured BVP, Trinity Ventures, Meritech, K9 Ventures and World Innovation Lab.
