Bunkyr, a zero-knowledge security API developer, has collected $1m in pre-seed funding to support the development and delivery of its products.
The round was supported by Y Combinator, Soma Capital, Protocol Labs, seasoned entrepreneur Justin Kan, as well as several others.
The CyberTech company offers easy-to-integrate APIs that provide reliable, secure and familiar recovery options for cryptocurrency wallets and other encrypted applications.
The first challenge the platform wanted to solve is what happens to data when a password Is forgotten or access to an authorised device is lost. This data is still there, and the service provider simply restores access once identity is verified. However, this leaves service providers at risk of losing data to attackers.
The current solution to this problem is that the service you are using never has access to the data, with it either stored encrypted or stored on a user’s device. However, if the device or password are lost, the data is gone forever.
Bunkyr offers a unique service to fix this challenge through its API’s which are powered by cryptographic hardware. It helps keep data invisible to end users with a simple sign-in through a social login provider (Google, Apple, Facebook), protecting people against data breaches and lost passwords.
Bunkyr recently launched its public API documentation and is currently getting feedback from customers through its pilot program.
Last week, privileged access management platform Quickpass Cybersecurity collected an additional $3m in its Series A round.
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