Nok Nok Labs Series B Funding Lands Them A Whooping $16.5M
Nok Nok Labs has recently announced today that it has managed to raise a Series B funding that amounts to over $16.5 Million from Levenovo Group Limited, and their current investors ONSET Ventures and DCM. The President of Ecosystem and Cloud Service Group at Lenovo and SVP, George He, will be joining the Board of Directors for Nok Nok Labs. Lenovo and Nok Nok Labs are both the founding members of FIDO (Fast Identity Online) Alliance.
Future Plans and Technology.
Nok Nok Labs, will be using its latest round of funding to increase the development and reach the NNL S3 authentication suite. This platform will be the first of its kind to allow the usage of FIDO-Ready devices to be reached at a broader range. The company also plans to expand its business development and marketing efforts, sales, and continue to increase their recent partnership with Trustonic and Synaptics, through the use of the community created by the devices. Combing this recent funding with the companies previous Series A financing, Nok Nok Labs has gathered a total of $31.5 Million as of today.
A Word From President and CEO of Nok Nok Labs.
“The announcement of this round is perfectly timed to help us accelerate our work to bring to the market the FIDO Alliance’s vision of a unified and standard online authentication environment,” said Phillip Dunkelberger, President and CEO, Nok Nok Labs. “We’re very excited to be working more closely with Lenovo as a strategic partner given the rapid expansion of mobile devices and services in the Chinese market and Lenovo’s global reach.”
“Our strategic work over the past year with Nok Nok Labs as a part of building the FIDO Alliance obviously had a great impact on this investment decision,” commented Dennis Song, GM of Strategy Technology Alliance at Lenovo. “There is incredible momentum in the device market globally, and together with Nok Nok Labs, we’re driving hard to provide better authentication platforms and increased security in the computing ecosystem.”