Fido alliance founder Nok Nok raises $16.5 million
27 February 2014 | 1213 views | 0
Source: Nok Nok
Nok Nok Labs, an innovator in modern authentication, today announced it has raised Series B funding in the amount of $16.5 million from Lenovo Group Limited, and current investors DCM and ONSET Ventures.
George He, SVP and President of Ecosystem & Cloud Services Group at Lenovo will join the Nok Nok Labs Board of Directors. Both Lenovo and Nok Nok Labs are founding members of the FIDO (Fast IDentity Online) Alliance.
With this latest round of funding, Nok Nok Labs will accelerate the development and reach of the recently announced NNL™ S3 authentication suite, the first centralized platform that will enable the usage of a broad range of FIDO-Ready™ devices. The company will also expand its sales, business development and marketing efforts, and continue to drive partnerships through the device ecosystems following the recently announced Trustonic and Synaptics partnerships. Together with the company's Series A financing, Nok Nok Labs has raised a total of $31.5M to date.
"The announcement of this round is perfectly timed to help us accelerate our work to bring to the market the FIDO Alliance's vision of a unified and standard online authentication environment," said Phillip Dunkelberger, President and CEO, Nok Nok Labs. "We're very excited to be working more closely with Lenovo as a strategic partner given the rapid expansion of mobile devices and services in the Chinese market and Lenovo's global reach."
"Our strategic work over the past year with Nok Nok Labs as a part of building the FIDO Alliance obviously had a great impact on this investment decision," commented Dennis Song, GM of Strategy Technology Alliance at Lenovo. "There is incredible momentum in the device market globally, and together with Nok Nok Labs, we're driving hard to provide better authentication platforms and increased security in the computing ecosystem."
Ramesh Kesanupalli, the visionary behind the FIDO Alliance and Founder of Nok Nok Labs, launched the company with a management team of industry experts in 2011 to transform online authentication for modern computing. The company produces client and server software that leverages the existing security capabilities on a user's devicevice such as a built-in fingerprint sensor, camera or Trusted Platform Module (TPM) in order to provide user-friendly, strong authentication to any application. Unlike current siloed authentication solutions, Nok Nok Labs allows organizations to support a wide range of authentication technologies from a single, unified platform.