ShoCard, a Cupertino, CA-based blockchain-based identity management system (IMS), raised $4m in funding.
The round was led by existing investors Morado Ventures and AME Cloud Ventures with new participation from Storm Ventures, Danhua Capital, Correlation Ventures, Recruit Strategic Partners and Robert Tinker, founder and former CEO of MobileIron.
The company, which has raised $5.5m in total funding, will use the funds for the rollout of its enterprise solution, ShoBadge.
Led by Armin Ebrahimi, founder and CEO, ShoCard provides ShoBadge, an identity solution that eliminates the need for usernames and passwords within the enterprise to authorize network and data access, instead using a blockchain-based digital identity verification and authentication process.
Having already built a position in consumer identity management, which includes banks and financial institutions, credit-reporting companies, airlines and companies requiring user logins for websites and apps, the company is now utilizing the funds to expand into the workplace.
ShoBadge is also a complementary solution to existing single sign-on (SSO) systems, and integrates into solutions, such as Okta and Azure Active Directory, for product deployment and minimal system disruption.