Trusona, a multi-factor authentication platform which removes the need of passwords, has netted $20m in a new funding round.
Georgian Partners led the round, with capital also coming from Kleiner Perkins, M12, OurCrowd and Seven Peaks Ventures. Akamai, a security, cloud delivery and performance software builder, also joined the round as a strategic investor.
Having closed the round, the RegTech is hoping to increase its growth and innovation initiatives.
The company builds passwordless authentication technology to enable businesses reduce their attack surface. It works by using biometrics, scanning codes and ID, and more. Trusona claims compromised credentials are responsible for more than 80% of all breaches.
By avoiding passwords, companies can remove threats of phishing, keyloggers, SIM swapping, password reuse, credential replay, password sharing, credential stuffing and lost tokens.
According to a study from Gartner, around 60% of large and global enterprises and 90% of midsize organizations will implement passwordless systems by 2022.
Akamai president and general manager Rick McConnell said, “We are seeing increasing demand for passwordless authentication because of how it simplifies and improves the user login experience.
“Trusona’s unique approach complements what Akamai does to register and manage customer identities, allowing our customers to offer great online experiences while reducing fraud and achieving compliance with growing regulatory requirements.”
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