tru.ID ( https://tru.id ), the innovative passwordless authentication platform using SIM-based cryptography, today announced that Sorenson Ventures has joined its seed funding round, alongside Episode 1, MMC Ventures and NHN Ventures, bringing the company’s total seed funding to $9 million. Sorenson brings strong connections to the United States which will be invaluable in the context of the deployment of services in the United States market.
tru.ID was created to provide businesses with solutions to the $1 trillion threat posed by cybercrime attacks targeting customers and employees. In our post-COVID hybrid world, the authentication methods we inherited, based on passwords and PIN codes sent by e-mail or SMS, are no longer sufficient. They are exposed to attacks such as phishing and are painful for the user. Organizations have been trying to replace passwords for years, without finding a solution that is both secure and scalable. Today, the answer is there, and combines the ubiquity of the mobile phone with the cryptographic security of the SIM card.
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According to Paul McGuire, co-founder and CEO of tru.ID: “Cybercrime threatens every business that operates online. The annual cost is estimated at over $1 trillion, a figure that is only growing. One of the biggest vulnerabilities is the password. But finding a more secure alternative that’s easy to use and widely available has proven impossible, at least until now. tru.ID provides an unprecedented solution that the world urgently needs: strong online security that is easy to use and already in our pockets. »
The SIM card is equipped with the same high-security technology that already equips our bank cards, and the number of SIM cards deployed today exceeds 5 billion. In other words, all customers and employees already have a cryptographically secure digital identity token. tru.ID makes this new security solution available with its API-based SaaS platform.
tru.ID is already offered in 20 markets and continues to expand its network.
According to Rob Rueckert, partner at Sorenson Ventures: “Today, doing business online or working remotely involves a constant threat of cyberattacks. Finding a solution that’s effective and usable by customers and employees is a pressing, yet unanswered question for businesses of all sizes. tru.ID offers a new, game-changing approach that leverages the security and ubiquity of the SIM card in a modern API-based platform. We are delighted to support this experienced team and to see the powerful momentum it has already created since our investment. »
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