Norway-based security startup Encap has announced a $2 million funding round, according to TechCrunch. The money was provided by ProVenture Seed to help Encap bring its two-factor identification services to new markets, with an emphasis on the United States.
While most two-factor systems rely on SMS, Encap only asks the user for a PIN before generating a code that is then authenticated. This results in what the company says is “two-factor authentication that feels like one-factor authentication.”
“Encap is a company with the potential to disrupt a market that will be worth more than $5 billion by 2017,” HerbjÃ¸rn Skjervold, ProVenture Seed’s managing partner told the source.