Standard Chartered Bank investment arm makes strategic investment
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Secret Double Octopus has travelled to the United Arab Emirates to bring its biometric solution for eliminating passwords in the enterprise to the country as part of Israel’s first delegation of high-tech companies to the UAE, reports JewishPress.com.
The delegation, which is made up of representatives from more than a dozen companies and led by Jerusalem Venture Partners Fund, was invited to the Emirates by the Dubai International Financial Center (DIFC), which manages the free trade area in the heart to Dubai, according to the report.
Meetings will be held between the delegation and senior Emirati officials, as well as investors and innovators, with the aim of fostering deeper ties between the two countries.
The company has also announced it has received an undisclosed amount in a strategic investment from Standard Chartered Bank’s Investment Unit. Secret Double Octopus plans to use the funding to meet the rapid growth in demand for its biometric authentication solution as an alternative to corporate passwords.
SC Ventures joins previous Secret Double Octopus investors Sony Financial Ventures, KDDI, Global Brain Jerusalem Venture Partners and others, many of whom participated in a $15 million Series B round earlier this year.
The company is now serving companies from mid-sized businesses to Fortune50 customers, according to a company blog post, and has extended its reach through partnerships with IAM providers like ForgeRock and Okta.
We are incredibly excited to have an international financial giant like Standard Chartered join us as an investor and advisor,” says Raz Rafaeli, co-founder and CEO of Secret Double Octopus. “This partnership demonstrates the trust our technology has gained in global organizations of the largest scale. SC Ventures is a beacon of fintech innovation, and we look forward to many years of collaboration delivering passwordless capabilities to the enterprise world.”
