inBay Technologies has secured additional $1m of financing to develop ‘passwordless’ authentication solutions.
The investment was led by Tokyo-based Global Alliance, early investors in PayPal and Fortinet in the second tranche of its pre-series A raise. As a result, the cybersecurity company has exceeded its funding target.
“I’m thrilled to announce the close of this financing round with our new investors,” said Shane Young, president & CEO of inBay Technologies. “The opportunity before us is a global one and we are delighted to have a partner who is not only excited about our technology but also can open blue-chip opportunities for us in Japan. This important milestone will help inBay accelerate commercialisation of our idQ Trust as a Service digital identity platform and deliver new value to enterprise customers with the first and only digital identity that cannot be compromised.”
inBay Technologies delivers a convenient, safe and secure access to enterprise services and applications according to its website.
The company’s idQ Trust as a Service (TaaS) is a ‘unique and innovative’ SaaS that eliminates the need for user names and passwords, by acting as a highly reliable and scalable mutual identity assurance platform. It enables companies of all types and sizes to employ a multi-level, multi-factor ‘passwordless’ authentication and delegated authorisation solution.
For IT managers, the solution means there is no need to deploy servers, handle server licenses or manage license schemes and renewals. For users, it means no passwords, no dongles, no waiting for IT to reset access, with accessing services, resources and apps ‘as simple as snapping a picture’.
President and CEO Shane Young previously co-founded Spotwave Wireless, a venture backed tech start-up dedicated to the vision of ubiquitous wireless connectivity. At Spotwave, he successfully led the efforts to secure over $35m in financing, both debt and equity, while guiding the company through its start-up, product and market launch and early revenue growth phases—achieving the $10m revenue milestone within 3 years and establishing Spotwave as a technological and market leader in the rapidly emerging in-building wireless sector.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
