Nok Nok Labs completes latest funding round with $8 million
New strategic investors were added to the oversubscribed round, including DaouKiwoom Group from South Korea; DOCOMO Capital from Japan; and Thundersoft from China.
Nok Nok Labs, an authentication company and a founding member of the FIDO Alliance, today announced it has completed the second and final closing of $8 million in its Series C Financing, raising a total of $16.25 million. This total amount includes the existing $8.25 million raised in December 2014, according to a press release.
New strategic investors were added to the oversubscribed round, including DaouKiwoom Group from South Korea; DOCOMO Capital from Japan; and Thundersoft from China. The round also includes current investors DCM Ventures, Lenovo Group, ONSET Ventures and Raven Ventures and related affiliates. Ik-Rae Kim, the founder and executive chairman of the DaouKiwoom Group, will join the Nok Nok Labs Board of Directors, according to the announcement.
This latest round of funding will be used to:
- Expand sales, support and channel infrastructure to support the growing customer pipeline;
- Facilitate global opportunities and meet the growing demands in the Asia Pacific (APAC) region; and
- Continue technology innovation around and beyond the FIDO specifications.
"We are very 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, part of the DaouKiwoom Group. "KICA is Korea's leading digital and biometric authentication services provider and sees exceptional potential to change online authentication – especially in the South Korean market. We view this investment and partnership with Nok Nok Labs as strategic to this opportunity."