31st Mar 2022

tru.ID adds Sorenson Ventures to $9m seed round to scale the mobile cybersecurity platform

tru.ID, the pioneering passwordless authentication platform, has announced that Sorenson Ventures joined its seed funding round, alongside MMC, Episode 1, and NHN Ventures, bringing the company’s total Seed funding to $9 million.

tru.ID exists to help companies solve the $1 trillion threat of cybercrime attacks on customers and employees. In today’s post-Covid hybrid world, legacy authentication methods, using passwords and PIN codes sent by email or SMS, are no longer fit for purpose – they are vulnerable to criminal attacks such as phishing and provide a poor user experience.

Businesses have been trying to replace passwords for years, but have failed to find a secure and scalable solution. Now, the answer is here, combining the ubiquity of the mobile phone with the cryptographic security of the SIM card.

The SIM card is the same highly secure technology that is in every credit card, and there are already 5bn+ SIM cards deployed. That means every customer and every employee already has a cryptographically secure digital identity token in their pocket. tru.ID makes this revolutionary new security solution available through an API-based SaaS platform.

“Cybercrime threatens all online businesses. The annual cost is estimated to be over $1trillion and increasing. One of the biggest vulnerabilities is the password. But finding a more secure alternative that is easy to use and widely available has proved impossible – until now. tru.ID brings a new solution that the world urgently needs: strong online security that is easy to use and already in everyone’s pocket.” Paul McGuire, co-founder and CEO of tru.ID

The additional funding from Sorenson provides strong US-based connections which will be valuable as tru.ID prepares to roll out its services into the USA market.

Read more on the story via FinSMEs.

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