Beyond Identity: Developer of Passwordless Identity Management System

Beyond Identity: Developer of Passwordless Identity Management System
Beyond Identity Success Story

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With more and more businesses, individuals, and governments increasingly relying on the internet, bad actors erode trust, steal intellectual properties, and pilfer funds. And to protect systems and networks from cyberattacks or hacking-related breaches, people consider relying on passwords.

However, passwords are fundamentally insecure authentical models because these 'shared secrets' transit networks are stored insecurely in databases, shared among family and friends, and reused across multiple applications. It's when Beyond Identity came with the passwordless architecture allowing businesses and individuals to run computers and phones securely without having passwords or credentials in the system.

Let's dig in to learn more about Beyond Identity, from its startup story and founders to its business model, funding, products, and growth.

Beyond Identity – Company Highlights

Company Name Beyond Identity
Headquarters New York City, New York, United States
Sector Cybersecurity
Founders Jim Clark and Thomas Jermoluk
Founded 2019
Valuation $1.1 billion (2022)
Website Beyondidentity.com

Beyond Identity – About
Beyond Identity – Industry
Beyond Identity – Founders and Team
Beyond Identity – Startup Story
Beyond Identity – Mission and Vision
Beyond Identity – Business Model
Beyond Identity – Revenue Model
Beyond Identity – Products and Services
Beyond Identity – Funding and Investors
Beyond Identity – Growth
Beyond Identity – Partners
Beyond Identity – Awards and Achievements
Beyond Identity – Competitors

Beyond Identity – About

Beyond Identity is the developer of the most secure, passwordless authentication platform for tech forward-thinking enterprises. The company breakdown the barriers between cybersecurity, identity, and device management. Beyond Identity does so by changing how the world logs in by eliminating passwords and providing users with a frictionless multi-factor login experience.

Beyond Identity – Industry

In 2022, the global cybersecurity market was estimated at $173.5 billion. And the market is projected to reach $266.2 billion by 2027 with a CAGR of 8.9%. The increased number of data breaches, rising digitalization, and advanced cyber intrusions are some cybersecurity market growth driving factors.

During the pandemic, many companies shifted to remote working culture and, thus, deployed cyber security solutions, resulting in market growth. Moreover, the market is expected to continue growth due to the hybrid working trend that is anticipated to stay in the future.

Some prominent players capturing the large size of the global cybersecurity market include McAfee, Palo Alto Networks, Cisco Systems Inc., and Trend Micro Incorporated.


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Beyond Identity – Founders and Team

Jim Clark and Thomas Jermoluk are the co-founders of Beyond Identity.

Jim Clark

Jim Clark is a serial entrepreneur who earned a bachelor's and master's degree in physics for the University of New Orleans. He co-founded Silicon Graphics in 1982, Netscape in 1994, and Healtheon in 1995. In addition, he co-founded Beyond Identity in 2019 and working as the company's Chairman.

Jim Clark - Co-founder and Chairman, Beyond Identity
Jim Clark - Co-founder and Chairman, Beyond Identity

Thomas Jermoluk

Thomas Jermoluk studied at Virginia Tech. He is a Silicon Valley inventor in leading companies like Netscape, Silicon Graphics, and WebMD. Moreover, he is the Venture Capitalist at Clark Jermoluk Founders Fund and Board Member at Ibotta Inc. Jermoluk co-founded Beyond Identity and now holds the CEO position in the company.

Thomas Jermoluk - Co-founder and CEO, Beyond Identity
Thomas Jermoluk - Co-founder and CEO, Beyond Identity

Beyond Identity Team

  • Jasson Casey - Chief Technological Officer
  • Bill Hogan - Chief Revenue Officer
  • Patrick McBride - Chief Marketing Officer
  • Kurt Johnson - Chief Strategy Officer

Beyond Identity is a team of 170 employees.

Beyond Identity – Startup Story

The co-founders of Beyond Identity – Thomas Jermoluk and Jim Clark, were originally working on a "Smart Home" solution but faced the change of user authentication. However, they wanted to create a system that automatically recognizes the user without a password. Jermoluk considered passwords as one of the 'original sins' of the internet as it shared secrets. It was how Jermoluk and Clark started the whole thing of launching Beyond Identity in 2019.

In 2021, Beyond Identity released a free version of its 'Passwordless' technology. A few months later, in 2021, the company announced a new platform upgrade featuring behavioral biometrics. Furthermore, Beyond Identity announced its expansion into Europe in May 2021. It launched Zero Trust Authentication in 2022.

Beyond Identity – Mission and Vision

Beyond Identity aims to empower all individuals and businesses to securely, effortlessly, and privately control their digital identities.

Beyond Identity – Business Model

Beyond Identity is FIDO2 certified, extending the standard with an organization-ready platform that secures hybrid work environments. The platform prevents credential-based breaches by eliminating passwords and ensuring user and device trust. Moreover, the company's cloud-native Universal Passkey Architecture delivers secure and frictionless multi-factor authentication to ensure the enterprise's data is accessed from secure, authorized, and identity-bound devices.

Beyond Identity – Revenue Model

Beyond Identity is a cloud, SaaS-based platform with an annual pricing model.

Beyond Identity – Products and Services

The products that Beyond Identity offers are Secure Workforce, Secure DevOps, and Secure Customers.

Beyond Identity – Funding and Investors

Beyond Identity raised funding worth $205 million over 3 rounds. Its latest funding round - Series C Round, was raised on February 21, 2022, and acquired $100 million. 7 investors fund the company, including New Enterprise Associates (NEA), Koch Disruptive Technologies (KDT), Silicon Valley Venture Capital firm, and Evolution Equity Partners.

Date Round Number of Investors Money Raised Lead Investor
February 21, 2022 Series C 6 $100 million Evolution Equity Partners
December 8, 2020 Series B 3 $75 million -
April 14, 2020 Series A 2 $30 million Koch Disruptive Technologies, New Enterprise Associates

Beyond Identity – Growth

Beyond Identity tripled its annual revenue and customer base in 2022 when compared year-over-year (YOY). Moreover, the company's annual recurring revenue (ARR) rose 330% from 2020 to 2021, and its roster of customers grew 640%. In 2022, Beyond Identity achieved a valuation worth $1.1 billion. And its employee count increased from 70 in 2020 to 200 in 2022.

Eliminate Credential Based Attacks with Beyond Identity

Beyond Identity – Partners

Beyond Identity partners with leading technology vendors, system integrators, distributors, resellers, and managed service providers.

  • Atlas Identity
  • CyberOne
  • Miel
  • Evotek
  • Unicloud
  • Curity
  • GitHub
  • Workspace ONE
  • Microsoft
  • Okta
  • Ping Identity

Beyond Identity – Awards and Achievements

Beyond Identity has gained enlisted industry recognitions and awards:

  • Won Gewinnt German Stevie Silver Award in 2022
  • Beyond Identity was listed as a Next Things in Tech winner by FastCompany for finding a way around pesky passwords in 2021
  • SC Magazine named Beyond Identity as Rookie Security Company of the Year in 2021
  • Named as one of the Most Innovative Companies by FastCompany
  • Startup Pill listed Beyond Identity as one of the 101 Best Cybersecurity Startups in 2021
  • Forbes listed Beyond Identity as one of the 20 Best Cybersecurity Startups in 2020

Beyond Identity – Competitors

The following listed are the main competitors of Beyond Identity:

FAQs

What does Beyond Identity do?

Beyond Identity is the developer of the most secure, passwordless authentication platform for tech forward-thinking enterprises. The company breakdown the barriers between cybersecurity, identity, and device management.

Who are the founders of Beyond Identity?

Jim Clark and Thomas Jermoluk are the co-founders of Beyond Identity.

Who are the main competitors of Beyond Identity?

Salesforce Platform, Microsoft Authentication, Ping Identity, Duo Security, and LastPass are a few top competitors of Beyond Identity.

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