ANN ARBOR – Duo Security has been promised $5 million in venture capital financing, including cash from the investment vehicle of Google.
Google Ventures, Silicon Valley-based True Ventures and Ann Arbor-based Resonant Venture Partners invested in Duo, officials announced this week. True Ventures and Resonant were previous backers of Duo, which raised $1 million in 2010.
The investment gives the IT security company additional capital to grow and represents a significant vote of confidence in its “two-factor authentication” technology, which requires users to authorize important online decisions separately through a web page and a mobile device.
Dug Song, CEO of Duo Security, told Ann Arbor.Com that the company’s relatively simple but secure solution provides a practical answer to corporate technologists and small businesses that are concerned about web attacks. Song was not available for comment.
Duo’s customers include the University of Michigan, Toyota and social media site Tumblr.
Karim Faris, a Google Ventures partner, said in a statement that Duo “is committed to democratizing strong authentication and bringing this previously ?enterprise-only? level of security to every Internet user.”
?Proper identity assurance and mobile security are critical for the growth of meaningful online services,? said Faris, whose organization can invest about $200 million annually.
Song said Duo has outgrown its presence at the Tech Brewery on Jones Drive, a vibrant startup business incubator where entrepreneurs can rent space by the desk. He said the company is weighing its options on how to handle its growth and whether that means moving to a new office. He declined to say how many employees the company has.
Song and Duo’s chief technology officer, Jon Oberheide, who recently completed his PhD in computer science from U-M, co-founded Duo Security.
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