tru.ID Adds Sorenson Ventures to $ 9 Million Seed Round to Scale Mobile Cybersecurity Platform
Digital Identity and Possession Factor APIs Provide Powerful New Authentication Tools to Help Businesses Combat Growing Cybercrime Threat
London / San Francisco, 01st APRIL 2022: true.ID (https://tru.id), the pioneering passwordless authentication platform leveraging SIM card encryption, announces today that Sorenson Ventures has joined its seed funding round, along with Episode 1, MMC Ventures and NHN Ventures, bringing total seed funding of the company for $ 9 million. Sorenson provides solid US-based connections that will be invaluable as the company prepares to launch its services in the US market.
tru.ID exists to help companies resolve the $ 1 trillion threat of cybercrime attacks on customers and employees. In today’s post-COVID hybrid world, legacy authentication methods, using passwords and PIN codes sent via email or SMS, are no longer fit for purpose – they are vulnerable to criminal attacks such as phishing and offer a user experience. poor. Businesses have been trying to replace passwords for years, but have failed to find a secure and scalable solution. Now, the answer is here, combining the ubiquity of the mobile phone with the cryptographic security of the SIM card.
Paul McGuire, co-founder and CEO of tru.ID, says:
“Cybercrime threatens all online activities. The annual cost is estimated at over $ 1 trillion and rising. One of the biggest vulnerabilities is the password. But finding a safer, easier to use, and widely available alternative has proved impossible, until now. tru.ID offers a new solution that the world urgently needs: strong online security, easy to use and already in everyone’s pockets “.
The SIM card is the same highly secure technology found in every credit card, and over 5 billion SIM cards have already been implemented. This means that every customer and every employee already has a cryptographically secure digital identity token in their pocket. tru.ID makes this revolutionary new security solution available through an API-based SaaS platform.
tru.ID is already active in 20 markets and continues to build its network.
Rob Rueckert, partner of Sorenson Ventures, comments:
“Today, doing business online or working remotely means a constant threat of cyber attacks. Finding a solution that is effective and usable for customers and employees is an urgent and unsolved problem for companies of all sizes. tru.ID offers a new and potentially transformative approach, leveraging the security and ubiquity of the SIM card through a modern API platform. We are delighted to support this experienced team and already see the significant traction they have gained since we made our investment. “
tru.ID helps companies reduce the threat of cybercrime by replacing passwords and PIN codes with a secure possession factor API for multi-factor authentication (MFA). This revolutionary approach takes advantage of the basic cryptographic security built into every mobile network and is now made available, for the first time, to enterprises via API.
tru.ID uses SIM card-based mobile network encryption, the same highly secure technology already found in every credit card, to provide strong MFA protection for customers and employees.
tru.ID is easy to implement and simple to use. The service is already available in 20 markets covering over 2 billion users and is launched globally.
Visit our website to learn more or sign up and start testing for free on https://tru.id.
About Sorenson Ventures
Sorenson Ventures is an early stage investment firm headquartered in Silicon Valley and Utah in enterprise security and software companies with over $ 250 million in capital under management. Sorenson Ventures invests in product-oriented founders and helps portfolio companies establish a solid foundation to accelerate revenue growth with Global 2000 clients.
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Source link 4Auth (t / a tru.ID) Secures £ 6.86m Seed Follow On Investment From Investors, Including Episode 1 – UK Technology Investing News