Nok Nok Labs raises $16.5 Million in Series B Financing
Ramesh Kesanupalli founded Nok Nok Labs, an innovator in modern authentication, recently raised $16.5 million Series B funding i from Lenovo Group Limited, and current investors DCM and ONSET Ventures. George He, SVP and President of Ecosystem & Cloud Services Group at Lenovo, will join the Nok Nok Labs Board of Directors. Both Lenovo and Nok Nok Labs are founding members of the FIDO (Fast IDentity Online) Alliance.
With this latest round of funding, Nok Nok Labs will accelerate the development including the reach of the recently announced NNL(TM) S3 authentication suite, the first centralized platform that will enable the usage of a broad range of FIDO-Ready(TM) devices. The company will also expand its sales, business development and marketing efforts, and continue to drive partnerships through the device ecosystems following the recently announced Trustonic and Synaptics partnerships. Together with the company's Series A financing, Nok Nok Labs has raised a total of $31.5 Million to date.
"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. He further adds, "We are 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."