Nok Nok, a provider of authentication services, has raised $8 million in the second and final round of Series C funding with the total of $16.25 million, participated by DaouKiwoon Group from South Korea, Docomo Capital from Japan and Thundersoft from China along with the current investors DCM Ventures, Lenovo, ONSET Ventures and Raven Ventures and related affiliates.
Founded in 2011 by Ramesh Kesanupalli, the startup Nok Nok labs offer organizations with the ability to bring strong, FIDO-based authentication infrastructure to their mobile and web applications. They provide client and server software solutions that control the existing security capabilities on a user’s devices like built-in finger print sensor, camera or Trusted Platform Module (TPM) for strengthening authentication to any application. The S3 Authentication Suite provides organizations to accelerate revenues, reduce fraud and strengthen safety measures. The company is a founding member of the FIDO Alliance with customers and partners that include NTT DOCOMO, PayPal, AliPay, Samsung and Lenovo.
With the new funds, Nok Nok Funds plans to use the money to expand sales, support and channel infrastructure to support the increasing demand for customer pipeline. It intends to accelerate global opportunities and meet the increasing demands in the Asia-Pacific regions and also to come out with more technology innovation around and beyond the FIDO specifications.
“We are excited to partner with Nok Nok Labs in their next phase of growth,” said Sang-Joon Kim, Senior Vice President at Korea Information Certificate Authority, Inc which is part of DaouKiwoom Group. “KICA is Korea’s leading digital and biometric authentication services provider and sees exceptional potential to change online authentication – especially in South Korean market. We view this investment and partnership in Nok Nok labs as strategic to this opportunity.”
Neil Sadaranganey, Managing Director of DOCOMO Capital, “This investment by DOCOMO Capital is strong validation for Nok Nok Labs as the first company to bring the FIDO Universal Authentication Framework (UAF) server to the market. We are big believers in the FIDO specifications to solve the current and future authentication needs of our customers. We continue to be very pleased with the NNL S3 Suite and look forward to a long-lasting partnership.”