LONDON (UK) – SC Ventures, the venture capital arm of Standard Chartered Plc, has invested in Israeli startup Secret Double Octopus, which provides authentication technology that removes the need for having passwords, said the firm on Thursday.
Based in Tel Aviv, Secret Double Octopus already has investors such as Sony Financial Ventures and Japanese telecoms provider KDDI and it will use the funding to fuel its business growth.
The Israeli startup helps large firms do away with employee passwords and help them log in using multi-factor authentication. The technology helps reduce the cost of managing passwords and provides more security.
“On an average an enterprise user forgets his password three times a year,” said Raz Rafaeli, co-founder and CEO of Secret Double Octopus. “The cost of password reset is $25 dollars at a minimum.”
For major firms employing thousands, that could work out to millions of dollars, he added.
The same technology can also be used to remove passwords in customer-facing systems, Rafaeli said.