Password management software provider 1Password today said it has raised $620 million in new funding, the largest amount of funding ever raised by a Canadian company, to develop and scale up its security solutions.

ICONIQ Growth led the Series C round. Accel, Tiger Global and Lightspeed Venture Partners also participated in the round. The round was raised at a valuation of $6.8 billion.

Including the new funding, 1Password has raised $920 million to date, according to data from Crunchbase. Previous rounds include $200 million, the company’s first external funding, in 2019, and a round of $100 million in July.

Founded in 2005, 1Password offers password management to businesses and consumers. The company’s software allows users to create passwords and auto-fill logins for sites and applications, negating the need to remember passwords for each site. It does so while offering a secure vault with AES 256-bit encryption to secure user information.

1Password says it keeps businesses safe by protecting the individuals who work there, so people can focus on getting things done without inadvertently putting themselves or their company at risk. Noting that 85% of all company data breaches involved a human element, 1Password says that pandemic trends such as the Great Resignation exacerbate the security problem.

Perhaps best known for its consumer password protection service, 1Password moved into infrastructure security in April with a service that helps enterprises protect secrets such as encryption keys. The service, called “Secrets Automation,” focuses on “secrets,” small files that organizations’ backend applications use to secure the data they work with. The service offers a centralized interface that allows administrators to maintain website security certificates, application programming interface tokens and other cybersecurity-related files such as encryption keys in one place.

Other products include 1Password Events API, an application programming interface that gives security and information technology teams the ability to correlate 1Password events with other data sources to understand how workers are using 1Password.

The expansion into infrastructure security has been a growth driver for 1Password. In the last two years, the company has doubled its customer base to more than 100,000 companies and grown its headcount by 300%, to 570 employees.

Notable customers include International Business Machines Corp., Slack Inc., PagerDuty Inc. and GitLab Inc. Recent new clients include Datadog Inc., Intercom R&D Unlimited Co., Snowflake Inc. and Wealthsimple Inc.

1Password also has partnerships with companies such as Fastmail, Privacy.com and Ramp to make it easier to stay secure with virtual credit cards and unique logins.

“Our mission has always been to ease the tension between security and convenience,” Jeff Shiner, chief executive officer of 1Password, said in a statement. “We create products and solutions that improve upon and easily layer into a company’s existing security infrastructure, nurturing better habits for employees while strengthening a company’s security posture from within.”

Image: 1Password/Chrome Store