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Even though M&A exits are few and far between, and the pace of tech IPOs is lackluster, US investors are continuing to pour millions into late-stage deals.

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This morning, Ann Arbor, MI-based , a firm that secures enterprise applications via two-factor authentication and other methods, raised a $70 million series D. The raise follows the company’s $30 million series C raised in 2015. Its total amount of funding, according to Crunchbase, 鈥攕olidifying its unicorn status.

Unlike some unicorns, however, an exit for Duo Security via an IPO may be in the cards. While the company has not made a public statement concerning its public ambitions, its public market analog, , has performed well. As of this morning, Okta opened at $27, up from its public debut open price of $23.75. The competing identity management firm, at this time of writing, is valued at $2.6 billion according to Yahoo Finance.

Prior to going public, Okta raised nearly double the amount of Duo Security with $229 million of VC funds in the bank. It took two years from its series F raise of $75 million before the company decided to go public. Assuming Duo Security follows the path of Okta, a public offering may be a ways off if US investors continue to double down on late-stage bets.

Whether markets will remain bullish while Duo Security staves off an IPO with late-stage dealmaking remains to be seen.

From the聽:

Magic Leap raises $502M

• Augmented reality startup聽聽announced that it has raised $502 million in a Series D round led by Temasek and joined by new and existing investors. The new round brings total funding for the Plantation, Fla.-based company to more than $1.8 billion.

JP Morgan buys WePay

• JP Morgan Chase is buying online payments provider聽聽in a move to beef up its merchant services offerings. Founded in 2008, Silicon Valley-based WePay offers APIs for merchants to add payment processing. The purchase price, which was not disclosed, reportedly exceeds the $220 million valuation WePay secured in its last funding round.

Lightspeed POS secures $166M

• That wasn鈥檛 the only big news for the merchant payments space. Montreal-based聽, a provider of cloud-based point-of-sale software for retailers and restaurants, announced that it has raised US$166 million in a Series D funding round led by Caisse de Depot et Placement du Quebec.

How startup exits really pay out

• Dividing the proceeds from a startup exit is no simple task. To help illustrate聽how returns get distributed聽following a sale, Crunchbase News revisits our fictitious drone meal delivery startup, Internet of Wings, to see how founders, preferred shareholders, and common stockholders make out in an exit.