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. However, they have failed to find a secure and scalable solution.
Enter London-based startup tru.ID . The passwordless authentication platform leveraging SIM card cryptography, tru.ID has raised a $9 million funding. The seed round saw the participation of Sorenson Ventures, Episode 1, MMC Ventures and NHN Ventures. Sorenson provides strong US-based connections, which will be valuable as the company gets ready to roll out its services into the U.S. market this year.
Helping companies solve the $1 trillion threat of cybercrime attacks on customers and employees, the platform is replacing passwords and PIN codes with a secure possession factor API for multi-factor authentication (MFA). This approach leverages the core cryptographic security built-in to every mobile network and is now being made available to businesses via API.
Talking about the fresh funding, Paul McGuire, co-founder and CEO, tru.ID, said: “Cybercrime threatens all online businesses. The annual cost is estimated to be over $1trillion and increasing. One of the biggest vulnerabilities is the password. But finding a more secure alternative that is easy to use and widely available has proved impossible – until now. tru.ID brings a new solution that the world urgently needs. Strong online security that is easy to use and already in everyone’s pocket.”
tru.ID is already live in 20 markets and continues to build out its network.
Rob Rueckert, partner, Sorenson Ventures, said: “Doing business online or working remotely means a constant threat of cyberattacks. Finding a solution that is effective and usable for customers and employees is an urgent and unsolved problem for businesses of every size. tru.ID brings a new and potentially transformative approach, leveraging the security & ubiquity of the SIM card through a modern, API platform. We are delighted to be backing this experienced team and to already see the significant traction they have achieved since we made our investment.”