Token, a company that has developed a next-generation authentication wearable, has raised $30m in a new funding round.
The investment was provided by private equity and venture capital company Grand Oaks Capital, in the form of a $20m secured note and a $10m convertible note.
According to Biometric Update, Token’s wearable is a next-generation multi-factor authentication solution which is easy to implement, and stops phishing attack and data breaches.
Launched in 2017, the Token ring is activated with fingerprint biometrics, and provides proximity security through NFC connectivity and secure credentials with an EAL5+ certified secure element.
The company remarked that its wearable technology avoids the vulnerabilities of bring-your-own-device authentication approaches and legacy MFA products.
The investment will be used for inventory and working capital to support overall growth and future product development.
Token CEO John Gunn said, “People are the leading cause of data breaches, and you see this play out almost daily as new ransomware attacks are revealed to have been caused by the human failings inherent in legacy MFA.
“Our product is engineered to be implemented in just hours and can be set up by end users in minutes to help CISOs and sysadmins quickly address this issue.”
FiVerity, a creator of an anti-fraud collaboration platform, recently raised $4m in a seed funding round headed by Mendon Venture Partners.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global