3 years ago

Tru.ID Secures £3.6 Million to Expand Digital Authentication Services

  • Tru.ID, a London-based digital authentication company, has raised an additional £3.6 million in its seed funding round, bringing its total funding to £6.9 million

  • The investment was led by Sorenson Ventures, a Silicon Valley-based venture capital firm

  • Tru.ID's technology uses mobile network cryptography to provide multifactor authentication, aiming to replace passwords with a more secure solution

  • The company plans to launch its services in the US market soon and is currently operational in 20 markets

  • The raise comes amid growing markets for digital identity companies, further bolstered by the UK government's proposed legislation for a digital identity firm 'trustmark'.

      • ProblemTechnology

      "Cybercrime is a major threat to online businesses, costing over $1 trillion annually. Passwords are a major vulnerability, making businesses susceptible to attacks like ransomware."

      Solution

      "Tru.ID offers a secure and user-friendly multi-factor authentication solution that replaces passwords with an API using mobile network cryptography. This technology is already present in mobile SIMs and credit cards, making it accessible and familiar to users."

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