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support for cybersecurity startups continues to look bleak . Accordingto a recent Crunchbase resume , fellowship in the digital security department space raise 30 % less funds — $ 1.9 billion — in Q3 2023 compared to Q3 2022 .
But some startups are bucking the trend .
Case in point , FusionAuth , a society that provides hallmark and drug user management tools for developers , today announced that it arouse $ 65 million in a funding round led by Updata Partners . It ’s FusionAuth ’s first tranche of away capital in its five - year account ; prior to this , the fellowship — which is profitable — had been wholly bootstrapped .
“ This was the correct time to collaborator with Updata because it allow for us to rent and scale more rapidly to treat increase need from millions of developer and businesses like Stihl , Oppenheimer , Clover and Zenni Optical , ” CEO Brian Pontarelli narrate TechCrunch in an email consultation . “ We ’ll use this investment to expand our go - to - market and product development feat and tap into our spouse networks and establish out a more formal transmission channel program . ”
As for Updata , it feel that FusionAuth ’s customer list and racetrack record made its investiture in the company an “ well-heeled decision . ”
“ FusionAuth is solving a unclouded infliction point in time with its straightforward approach to client individuality management , ” Dan Moss , a principal at Updata Partners , said . “ Its feature - rich platform simplifies authentication complexities and removes rubbing in development . An telling customer lean and 13 million downloads evidence how much developer already screw FusionAuth and its track record of profitable growth made our investment an well-fixed decision . With our support , FusionAuth will have the resources it needs to scale to assemble quickly farm demand while keep on to innovate and bring meaningful new capableness to developers . ”
Pontarelli founded FusionAuth in 2018 after launching his first company , CleanSpeak , an online content moderateness program , in 2007 . He says he see a gap in the login and authentication grocery store — and launched FusionAuth to fill it .
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FusionAuth build client identity prick , give up engineering and product teams to sum registration , login and substance abuser management features to apps . The tools can be deployed on most computers , according to Pontarelli , enable developers to run them locally , on practical and cloud server or on consecrate hardware — even without an cyberspace connection .
FusionAuth offers APIs and software development kits for multi - factor authentication , passwordless login , passkeysupport and machine - to - machine authentication .
“ ontogeny team do n’t have the fourth dimension or the expertness to build and surmount their own auth solutions , ” Pontarelli read . “ FusionAuth solves this job with a solution accessible to anyone while being racy enough for the most demanding organizations . ”
Pontarelli sees FusionAuth as competing with some of the native identity tools in the customer identicalness and access management diligence , such as Amazon Cognito , Microsoft Entra ID and Google Firebase , as well as legacy providers like Okta . But he makes the sheath that FusionAuth offers more advanced functionality than many of its rival , including passwordless authentication through passkeys , undivided - tenant infrastructure and configurable password encryption .
It ’s a sales delivery that ’s evidently vibrate . FusionAuth has more than 450 pay customers today while its free community variation has over 13 million downloads . gross has been double every year since FusionAuth ’s founding , Pontarelli claims .
