London-based startup PixelPin has raised £1.5 million in a funding round led by Softbank's spin-off VC SBI Investment, which contributed £1 million, with participation from several angel investors. The company, which currently has offices in London and Cheltenham, will use the funding to open another one in Tokyo.
PixelPin provides an alternative to passwords and PIN codes for online authentication. Its solution — somewhat similar to pattern-based login on mobile devices — works like this: “instead of remembering a password or PIN users can select a picture and four specific points on that picture that must be selected in sequence to login to their online accounts.”
The startup stated that logging in via PixelPin takes the user about 10 seconds on average, which actually sounds quite long. However, this could be compensated by the reported login success rate of 92 percent, compared to 30 percent with passwords.