Trusona, a passwordless multi-factor authentication technology provider, secured $20 million in additional financing led by growth equity firm Georgian Partners.
Prior investors including Kleiner Perkins, M12, OurCrowd, and Seven Peaks Ventures also participated in the round. Akamai, the intelligent edge platform for securing and delivering digital experiences, joined this round as a strategic investor.
“This round of funding will not only help us meet the growth in demand for our passwordless authentication solutions but will also support breakthrough innovations,” said Ori Eisen, Founder, and CEO at Trusona.
“We are on a mission to make the online world a safer place by turning usernames and passwords into memories and eliminating compromised credentials.”
Trusona’s solutions provide a complete alternative to usernames and passwords, making authentication secure and convenient across all enterprise use cases.
According to the company, its passwordless authentication technology enables organizations to mitigate virtually all risks associated with compromised credential attacks by reducing their attack surface. Though the technology is complex, Trusona’s seamless UI makes it easy to log in to any platform on any device without usernames or passwords.
Compromised credentials are used in over 80% of all breaches, according to the company. Even two-factor authentication (2FA) and multi-factor authentication (MFA) solutions that rely on usernames and passwords as the first-factor authentication are vulnerable and ineffective, the company said.
“By 2022, Gartner predicts that 60% of large and global enterprises, and 90% of midsize enterprises, will implement passwordless methods in more than 50% of use cases – up from 5% in 2018,” said Ant Allan, Vice President Analyst at Gartner.
“We are seeing increasing demand for passwordless authentication because of how it simplifies and improves the user login experience,” said Rick McConnell, president and general manager, Web Division, Akamai. “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.”
Image Credit: Trusona