Duo Security raises $70 million, now worth more than $1 billion

The Ann Arbor-based company has raised $119 million to date

The Duo Security team (Photo: Duo Security)

ANN ARBOR – Ann Arbor-based Duo Security announced Wednesday it raised $70 million in Series D funding at a valuation of $1.17 billion. In tech terms, that's unicorn territory.

This latest round brings total funds raised to $119 million.

The round was led by Lead Edge Capital and Meritech Capital Partners. New investors Workday and Index Ventures participated, as well as existing investors True Ventures and Redpoint Ventures. Workday will also come onboard as a strategic partner.

The company says the new funds will help Duo secure new partnerships, and quicken its technical operations and innovations.

About Duo Security

Duo Security was founded in 2010 by Dug Song and Jon Oberheide in Ann Arbor, Michigan. While its headquarters remain here, Duo has opened offices in San Mateo, California, Austin, and London, and has remote employees working from locations in Washington state, Oregon, New York and Georgia.

Duo co-founder and CEO Dug Song (Photo: Duo Security)

Duo says it has more than 500 employees globally, and says more than 10,000 companies make up its clientele, including Facebook, Etsy and Zillow.

The SaaS company created a simple two-factor authentication app, that requires users to pass through a double layer of security to protect against data theft and account takeover.

Duo has grown to become the go-to cybersecurity tool for some of the world's largest companies, and in the past four years has seen its annual recurring revenue more than double.

While speaking earlier this year at TechCrunch Disrupt SF, co-founder and CEO Dug Song addressed whether the rapidly growing company would move to startup-attracting Silicon Valley or New York. 

“Ann Arbor is our home,” he said. “With more than 350 employees based here, we’re proud of our Michigan roots and our heritage of global cybersecurity innovation in Southeastern Michigan. The region has a wellspring of talent that we will continue to invest in and hire from, and attract talent from outside the state as well.”

“In the same way the synergy between San Francisco and San Jose created Silicon Valley, a resurgent Michigan is being driven by regional collaboration between Ann Arbor and Detroit,” he continued. “We look at the current momentum occurring in Detroit as an opportunity to further accelerate the development of the tech community regionally and look forward to contributing to the city’s revitalization in any way we can.”

To learn more about Duo Security, visit their website.