Two-factor authentication is one of the most reliable ways to protect user accounts from hacking, but it can often be difficult to implement for large companies with specialized security needs. Yubico AB, one of the startups working to ease the task, today secured $30 million in funding.

The capital comes courtesy of New Enterprise Associates, Valley Fund and Swedish growth equity firm Bure. Yubico will use the cash to fuel the adoption of its authentication devices, which are used at nine of the world’s top 10 Internet firms along with numerous other high-profile organizations, including the big particle physics lab CERN.

Yubico is best known for its USB-based security keys. Distinguishable by the prominent “Y” at the top, each thumb drive comes in a ruggedized frame and features pre-installed cryptography software that is compatible with a wide range of applications. Users can employ their YubiKeys as a secondary authentication method for logging into Gmail, GitHub, Facebook and other popular services.

Moreover, the startup offers development tools that enable organizations to customize employee keys for their specific requirements. Yubico claims that its devices are handy for making electronic signatures, encrypting data and many similar use cases. The startup also offers a product called YubiHSM for managing authentication credentials in backend environments that competes with the bulky hardware security modules historically used to this end, which often cost tens of thousands of dollars.

Yubico has established itself as a leading provider of authentication devices despite raising only $4 million prior to today’s investment. The new round, which marks the first time the startup has received capital from institutional backers, will see the founders and staff left with a 50 percent equity stake. Yubico can be expected to become much more aggressive with its growth efforts now that the pressure is on to provide a return for the new investors.

This effort will likely see the startup launch more products to capitalize on the popularity of two-factor authentication. The fact that Yubico’s devices are already used at many of the world’s largest tech firms should be a big help, especially given the competition from RSA and the other security token suppliers out there.

Image: Yubico