New Delhi: LoginRadius, a cloud-based customer identity platform, Wednesday said it has raised $17 million in a funding round led by ForgePoint Capital and Microsoft’s Venture Fund M12.

Existing investors including Real Ventures, BDC Venture Capital Partners, and Yaletown Venture Partners also participated in the round. After the funding, ForgePoint and M12 nominees will join the LoginRadius board.

The Jaipur-based company plans to use the capital to accelerate product innovation, customer acquisition, and global expansion.

The company’s cloud-hosting platform allows businesses to securely manage and transact with customer identities and claims to have 700 million such identities on its platform.

It serves over 3,000 businesses including fashion magazine Vogue, media company The Weather Network (TWN) and health-based snack firm KIND LLC among others.

Launched in 2012, the company has presence in Vancouver, London, San Francisco and Sydney, besides Jaipur.

Founded by Rakesh Soni and Deepak Gupta, LoginRadius currently has 80 employees globally and plans to double its workforce in a year.