Anonybit, a decentralized biometric authentication and data protection firm, has successfully completed a funding round raising $3m.
The most recent fundraising round was spearheaded by JAM FINTOP, with valuable contributions coming from Connecticut Innovations and 4S Bay Partners, the family enterprise managed by Jessica Sarowitz and Steve Sarowitz. With this added injection of funds, Anonybit’s total investment pool has risen to an impressive $8m.
Diving deeper into Anonybit’s offerings, they’ve developed patent-pending technology that facilitates the decentralized storage and processing of biometric data and other personal information. Their premier offering, known as the Anonybit Genie, offers a comprehensive identity solution.
This links digital onboarding processes to both authentication and account recovery, making use of decentralized biometrics at every step. With this novel strategy, enterprises can combat threats like synthetic identity fraud and account takeovers across a multitude of potential use cases.
JAM FINTOP’s Managing Partner, Ryan Zacharia, elaborated on Anonybit’s unique capabilities, stating that their “enterprise-grade technology enables banks and other enterprises to safely and compliantly leverage biometric data to authenticate users. With cybercrime a persistent and growing threat, we believe deploying enhanced methods of authentication will become table stakes for banks.”
Anonybit’s CEO Frances Zelazny shared her insights on the current challenges of identity management, noting that “Many players in the industry aim to expand their offerings to address more comprehensive use cases in identity, but only Anonybit can get us out of the current paradigm by making it safe to store biometrics.”
In the wake of this financial achievement, the company has welcomed Limor Elbaz, known for her roles at Imperva and Peerlyst, as the Chief Revenue Officer. Additionally, Cybercrime and Fraud Expert Al Pascual, formerly associated with Javelin Research and co-founder of Breach Clarity, has been appointed to the Advisory Board.
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