Israeli Founder Team Creates CIAM Company Descope With $53 Million Seed Round.

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What would you do if you were part of an eight-person founding team that secured a nearly $600 million exit for your business?

“But we have no experience with consumer products. It's not like we knew how to solve it. So we said, ‘Okay, what's the next best thing?’ And the idea for us was, can we go application by application, and help them move to newer, more modern authentication methods than passwords? So, move to biometric and pass keys or OTP authentication methods instead of passwords. And this is how Descope came to be,” says Markovich.

Why such a large Seed fund raise? Most Seed rounds of this size are associated with investments backing capital intensive and highly select markets like chip fabrication. “Definitely, it's an outlier. But that's because we really knew what we wanted to do. There was, I think, little question regarding the market, and little questions regarding the team itself. Our VCs, both Lightspeed and GGV, share our vision towards where we want to go.

“My dad worked picking oranges. My mom was cleaning pools and things like that,” says Markovich. Eventually his father found work as an engineer at and his mother gave piano lessons, ensuring a middle class life for the family. Markovich studied computer science at Teknion Institute of Technology and then joined the army after graduation. He rose to Captain after six years and then left to join a consulting firm where he became partner.

 

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