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Duo Security expands operations following last year’s $70M Series D raise

In less than eight years, Duo Security has become one of the fastest growing venture-backed cybersecurity companies in the world.

Since 2010, the Ann Arbor, Michigan-based company has defended organizations against data breaches by making security easy and effective and has expanded to include offices in Detroit; Austin, Texas; San Mateo, California; and London, England.

In 2017, Duo raised $70 million in Series D financing at an over $1 billion valuation, as well as surpassed $100 million in annual recurring revenue (ARR).

Most recently, Duo announced the appointment of Sydney Carey as Chief Financial Officer and Neville Letzerich as Chief Marketing Officer.

“We live in an increasingly mobile and cloud-based world; the way organizations secure data has never been more important,” said Letzerich. “I was drawn to Duo’s passion for making security easy, accessible and effective for everyone.”

Letzerich is Duo’s first CMO and brings 20 years of executive experience heading global marketing teams and elevating industry-leading enterprise technology and cybersecurity brands.

“Duo is on a mission to build an enduring company for our customers,” said Dug Song, Co-founder and CEO of Duo Security. “What we deliver to the market is more critical than ever. Neville’s breadth of experience combined with our already incredibly strong team will help us shape the security market for what’s next.”

Letzerich is charged with scaling global marketing operations and telling Duo’s unique security story to a worldwide audience while continuing to cut through the fear, uncertainty and doubt that often permeates the cybersecurity industry.

The company decided not to sell fear and uncertainty surrounding their cybersecurity products and instead decided to market an accessible product that would allow companies’ higher-ups to focus on their businesses.

“Duo is really focusing on enablement and empowerment, versus doom and gloom messages,” said Letzerich. “Duo has a very unique perspective on cybersecurity, not just through the offering, but on ease and accessibility, and on market positioning.”

Duo has a 98 percent satisfaction rate with its 10,000 global customers, including Dresser-Rand, Etsy, Facebook, K-Swiss, Random House, Yelp, Zillow and Paramount Pictures.

“I’m excited to work with the talented go-to-market teams to share the significant value Duo can drive for our customers,” said Letzerich. “My focus will be to continuing to take the Duo message across the globe. […] I look at my job as taking the great work that’s already been done and take it that much further to help grow the organization.”

Letzerich credits the company’s Midwestern roots, great culture, and the work of its founders as the reasons why Duo has achieved such high valuation in such a short period.

“There’s a reason why Duo is the most loved cybersecurity company out there, and it’s because the customer comes first,” said Letzerich. “That’s very unique and powerful, and I think it’s lead to a great valuation.”

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