Duo Security
Unicorn exit · $2.4BAcquiredAnn Arbor, US · Founded 2010 · 11 known investors
Acquired by Cisco Systems, Inc. October 2018 · $2.4B · source ↗
Duo provides identity and access security solutions that help organizations detect threats and verify user authentication across their infrastructure. The platform serves enterprise security teams across retail, education, and industrial sectors.
Founders & leadership
Duo Security was founded in 2010 by Jon Oberheide and Dug Song.
Investors · 11
Also in the syndicate · 1
Funding
SEC filings, press & company announcements$75M disclosed across 2 of 11 rounds · 2010–2024
▶$5MraisedFeb 2012 · 5 investors · Other TechnologyRule 506(b)
- Douglas Joon SongExecutive Officer, Director
- Jonathan Clarke OberheideExecutive Officer, Director
- Offering amount
- $5M
- Amount sold
- $5M
- Minimum investment
- $25K
- Proceeds to insiders
- $225K
- First sale
- Feb 2012
- Incorporated
- Corporation, Delaware, 2009
- Federal exemptions
- 06
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Security researchers Dug Song and Jon Oberheide founded Duo Security in Ann Arbor in 2010 around a counterintuitive goal: make strong two-factor authentication easy enough that ordinary organizations and users would adopt it. Duo's mobile push approval and simple cloud integrations expanded into device-health visibility, adaptive/risk-based access, passwordless authentication, SSO and zero-trust private access. The company was notably capital efficient: it raised about $119m across five rounds, but founders later said less than $20m—roughly $14m—was net burned before reaching more than $100m ARR. Benchmark led/participated in the early institutional scaling alongside True Ventures and GV; Redpoint/Index led the $30m Series C, and Meritech/Lead Edge led the $70m Series D at about $1.17b. Cisco agreed to acquire Duo in August 2018 and closed October 1 for $2.35b cash plus assumed equity awards. Duo remains an active Cisco product/brand rather than an independent company. Current editions range from free for up to 10 users to $3/$6/$9 per user per month for Essentials/Advantage/Premier, progressively adding directory/SSO/passwordless, identity intelligence/risk controls, and device trust/VPN-less access. The platform serves organizations from small teams through enterprises and is integrated across Cisco Security. In March 2024 a phished employee at a third-party telephony provider enabled theft of SMS/VoIP MFA message logs containing phone/metadata; Cisco said Duo's own systems and message contents were not breached, but customers faced follow-on phishing/social-engineering risk. Major structural risks include reliance on push/telephony factors, MFA-fatigue/social engineering, identity-provider dependencies, high-availability requirements and Cisco portfolio integration.
Founding story
Song and Oberheide drew on offensive/defensive security research and Arbor Networks experience to remove the usability and deployment barriers that kept two-factor authentication out of mainstream organizations.
Business model
Cloud identity-security SaaS sold per protected user, now a product business within Cisco Security.
Monthly/annual per-user subscriptions across Free, Essentials, Advantage and Premier; enterprise/channel discounts and add-on telephony credits; cross-sell within Cisco suites.
Traction
At acquisition Duo had reportedly passed $100m ARR, served roughly 14,000 customers and employed about 700 people. Cisco does not separately publish current audited Duo revenue, users or customers; later $1b ARR claims are anecdotal and not recorded as verified.
Latest developments
Cisco integrated cross-identity visibility, identity security posture/threat detection, session-theft protection, Duo Passport and VPN-less private access into refreshed Essentials/Advantage/Premier editions.
▸Full profile — market position, technology, go-to-market, geography, history, ownership, risks & controversies
Market position
Major workforce MFA/identity-access product competing with Microsoft Entra, Okta/Auth0, Ping, RSA, CyberArk and security-suite bundled MFA.
Low-friction deployment and user experience, broad legacy/modern application support, device trust combined with identity context, and Cisco's global channel/security telemetry.
Technology
Cloud authentication service, Duo Mobile push/passcodes, FIDO/WebAuthn/passwordless factors, device posture agent/signals, risk engine, SSO/directory, identity threat intelligence and network gateway/private-access proxy.
Go-to-market
Self-serve free/trial funnel, direct enterprise sales, MSP/reseller/channel distribution, Cisco account cross-sell and broad application/VPN ecosystem integrations.
Organizations securing workforce and third-party access to SaaS, web, VPN and private applications.
Small teams, education/public sector, mid-market and enterprise IT/security, MSPs/resellers and Cisco security customers.
Geography
Cloud service sold worldwide through Cisco, with US and international data/service considerations and broad application/network integrations.
History
Founded 2010; mobile push MFA and cloud integrations; $5m A 2012, $12m B 2014, $30m C 2015, $70m D 2017; Cisco announced $2.35b purchase August 2018 and closed October; product expanded through zero trust, passwordless, device trust and Cisco Identity Intelligence.
Ownership
Wholly owned by Cisco Systems, Inc.; former investors were cashed out/converted in the 2018 transaction subject to award terms.
Risks & controversies
Authentication outage or compromise has broad customer impact; push fatigue and social engineering can bypass weak policies; SMS/voice dependency and suppliers expose metadata; device-posture software has endpoint privileges; privacy/regional hosting obligations; competition from bundled Microsoft/Cisco identity tools may affect standalone positioning.
Compiled by commissioned research from 9 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Founder mafia
2 people who came through Duo Security went on to found or lead other companies.
Competitors · 8
by search overlapCompanies competing with Duo Security for the same Google search keywords, organic and paid, via search-intersection analysis.
Pricing
as listed Aug 2026Public list pricing as researched from the company's own pricing pages; negotiated and enterprise terms vary.
Timeline · 1
launches, deals, and filingsPhished provider credentials enabled download of March 2024 SMS/VoIP message logs including phone numbers, carriers and routing/geographic metadata; Cisco said Duo systems and message contents were not compromised.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
Legal entities · 2
corporate structureIn the news
▸Research sources · 9
primary sources listed
- Dug Song on Duo capital efficiencyVenture in Security · founder interview
- Cisco Duo supplier breach advisoryNew Jersey Cybersecurity and Communications Integration Cell · government advisory
- University of Michigan Duo foundersUniversity of Michigan · institutional profile
- Cisco completes Duo acquisitionCisco · company press release
- Duo funding and acquisitionLead Edge Capital · investor commentary
- Cisco announces intent to acquire DuoCisco · company press release
- Cisco DuoCisco · company website
- Duo editions and pricingCisco Duo · pricing page
9 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Duo Security do?
- Cisco-owned cloud identity-security platform for multi-factor/passwordless authentication, single sign-on, adaptive access, device trust and VPN-less private-resource access.
- Who founded Duo Security?
- Duo Security was founded by Jon Oberheide, Dug Song in 2010.
- Who are Duo Security's investors?
- Duo Security's investors include Geodesic Capital, GV (Google Ventures), Redpoint Ventures, Resonant Venture Partners, True Ventures, Workday Ventures, Benchmark, Index Ventures and 2 more.
- How much funding has Duo Security raised?
- Duo Security has disclosed $75M raised across 2 of its 11 known rounds.
- Where is Duo Security headquartered?
- Duo Security is headquartered in Ann Arbor, US.




