Beyond Identity raises USD 100 mln to expand globally

The New York-based multi-factor authentication startup intends to establish a footprint in Japan, South Korea, Australia, Brazil, Argentina, and Mexico over 2023 and have both Asia-Pacific and Latin America contribute meaningful revenue in 2023. The USD 100 million round was led by Evolution Equity Partners and helped Beyond Identity achieve a USD 1.1 billion valuation.

Representatives expect to take Beyond Identity public in 2024 or 2025 assuming the company can deliver sustained annual revenue growth of more than 100% and demonstrate a path to profitability starting with positive cash flow. To do that, Jermoluk said Beyond Identity is focused on building out its go-to-market efforts today so that the firm has a global presence and revenue traction by 2024.

Beyond Identity is looking to build out the necessary infrastructure to support the company’s strategy of having data reside locally. This is important in Continental Europe, where countries don’t want data belonging to their residents to migrate to other countries, particularly the United States.