Yubico raised $25M fom Meritech Capital Partners.
Yubico, a Stockholm and Palo Alto-based company providing authentication and encryption hardware, announced that it completed a $25M capital investment round added to the company.
The financing round was led by Meritech Capital Partners, and included existing investors Andreessen Horowitz (a16z), NEA, Bure, and Silicon Valley entrepreneurs Marc Benioff, CEO & Founder of Salesforce, and Ram Shriram, Yubico Chairman and Google founding board member.
Meritech is making an investment into the company of $25M for a company valuation of $600M. In addition, existing major investors are increasing their holdings, investing $15M in secondary shares, in connection with this round.
In conjunction to the company backing by Meritech, Paul Madera, Managing Director, will be joining the Yubico board of directors.
The money will be used for accelerating the growth pace and to scale operations across the organization.
Yubico, founded in 2007 by Stina Ehrensvard and Mattias Danielsson, has developed new global standards for simple and secure access to computers, servers, and internet accounts. The company’s core invention, the YubiKey, delivers strong hardware protection, with a simple touch, across any number of IT systems and online services. Yubico now has 230 employees and over 3,000 customers.