Allthenticate, a unified authentication and access control startup, has bagged $3m in seed funding as it hopes to rid the world of passwords.
Silverton Partners, an early-stage venture capital firm, served as the lead investor. Contributions also came from Amplify and Ping Identity.
With the funds, the company hopes to expand its engineering efforts and commercial operations. It will also create strategic partnerships and integrations.
Allthenticate’s mission is to “make security products that are fun, easy to use, and ridiculously secure.”
Its current services enable organisations to use their smartphones to unlock and log in to everything, including computers, websites, servers and even doors. Its technology improves security infrastructure and visibility into the organisation.
The company’s core technology, which was developed at MIT, removes single points of failure and distributes trust across the ecosystem, it claims. Each user has full control of their cryptographic keys, which are securely stored in their phone’s hardware, and each organization controls their own small piece of the network.
Allthenticate founder and CEO Dr. Chad Spensky said, “The Internet desperately needs an authentication overhaul. Our current ecosystem is cumbersome, limits innovation, and has numerous security shortcomings.
“I have dedicated my career to this problem and feel very fortunate to have the support to continue to develop our technology and bring it to the masses. The feedback from our early customers has been incredibly positive, which is only compounding the excitement here at Allthenticate.”
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Copyright © 2018 RegTech Analyst