Cyber security startup TokenOne has secured a third round of funding in order to fuel its international expansion and grow its sales and marketing team.
The company’s third funding round, which was undisclosed, was led by Singtel Innov8 as part of the Optus-Innov8 program.
Get daily business news.
The latest stories, funding information, and expert advice. Free to sign up.
Existing investor BlueChilli and new investors Black Sheep Capital and Mirin Capital also participated in the raise.
TokenOne aims to make it easier to access private and secure information on the internet while at the same time preventing identity theft and fraud.
Alfred Lo, lead principal at Optus Innovate, told StartupSmart cybersecurity challenges are “ever increasing” as mobile devices and enterprise data become more popular.
“Hacking has become so prevalent that the FBI has a most wanted list for cybercriminals which currently has 19 people on it,” he says.
“Startups tackling the cyber security challenge are developing some of the best new product concepts in areas that will greatly enhance security and privacy in cloud, mobile, and enterprise network platforms. As a telco and through our startup investments and relationships, we’re in a unique position to leverage these technologies to help our customers better manage the increasing challenges of a new generation of cyber-attacks.”
Executive chairman of TokenOne, Phil Cuff, said in a statement at the time of the raise that the latest capital injection would help the startup achieve its ambition of scaling rapidly and expanding overseas.
“This additional funding is a great vote of confidence in TokenOne and particularly our vision of how organisations can provide the next generation of user-centric authentication solutions to their employees and customers, while also meeting their security and legal compliance obligations,” he said.
TokenOne was one of the first batch of startups to receive a share of $700,000 in funding from BlueChilli’s venture capital fund in October last year.