tru.ID, a passwordless authentication platform using SIM card cryptography that is based in London, UK, has raised $9m in seed capital.
Sorenson Ventures was joined by Episode 1, MMC Ventures, and NHN Ventures in the seed financing round.
The company intends use the funds to expand its services in the USA.
tru.ID is a company identification system that helps companies combat the $1trillion risk of cybercrime against customers and employees. In today’s post-COVID hybrid world, legacy authentication methods, using passwords and PIN codes sent by email or SMS, are no longer fit for purpose – they are vulnerable to criminal attacks such as phishing and provide a poor user experience. For years, businesses have tried to replace passwords but have not been able to find a reliable and scalable solution. The solution is now available, which combines the ubiquitousness of mobile phones with the cryptographic security provided by SIM cards.
Paul McGuire, CEO and co-founder of tru.ID, is leading the effort to help businesses reduce cybercrime risk by replacing passwords with PIN codes and using a secure possession factor API (multifactor authentication) for multifactor authentication. This new approach takes advantage of the cryptographic security inherent in every mobile network. It is now available to businesses via API.
This service is currently available in 20 countries, covering more than 2bn users. It is also being expanded globally.