Capitalizing on a major ideological shift within technology firms, online privacy and security company Trusona has raised $20 million, with contributions from Georgian Partners, Microsoft’s M12, Kleiner Perkins, OurCrowd, Seven Peaks Ventures and Akamai. Trusona utilizes popular new technologies other than passwords — including biometrics and more — to provide businesses with an array of methods to more securely confirm the identities of their customers and employees.
“We are on a mission to make the online world a safer place by turning usernames and passwords into memories, and eliminating compromised credentials,” said Ori Eisen, Trusona CEO and founder, according to reports.
In a prior investment round, Trusona netted approximately $18 million. The company, empowered by the new $20 million in funding, plans to broaden services and expand its market impact.
“This round of funding will not only help us meet the growth in demand for our passwordless authentication solutions, but will also support new breakthrough innovations,” Eisen said.
Grand View Research reported that worldwide demand for password management solutions in mobile technologies in 2016 was lower than $115 million. However, Grand View Research estimated growth to more than $2 billion in this market by 2025. Passwordless verification, such as biometric authentication, will continue to rise through 2022, Gartner predicted.
Trusona cited “unprecedented demand” from organizations interested in its unique verification technologies.
“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 of the web division for 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.”