tru.ID, a London, UK-based passwordless authentication platform leveraging SIM card cryptography, raised $9m in seed funding.
Sorenson Ventures joined the seed funding round, alongside Episode 1, MMC Ventures and NHN Ventures.
The company intends to use the funds to roll out its services into the USA market.
tru.ID exists to help companies solve the $1trillion threat of cybercrime attacks on 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. Businesses have been trying to replace passwords for years, but have failed to find a secure and scalable solution. Now, the answer is here, combining the ubiquity of the mobile phone with the cryptographic security of the SIM card.
Led by Paul McGuire, co-founder and CEO, tru.ID helps businesses to reduce the threat of cybercrime by replacing passwords and PIN codes with a secure possession factor API for multifactor authentication (MFA). This approach leverages the core cryptographic security built-in to every mobile network and is now being made available, for the first time, to businesses via API.
The service is already available in 20 markets covering over 2bn users, and is rolling out globally.