10 years ago

Silicon:Safe Secures $1 Million Seed Funding for Hardware Password Security Solution

  • Silicon:Safe, a Cambridge-based U.K

  • startup, has raised $1 million in seed funding for its hardware solution to prevent bulk password theft

  • The startup has developed a device that stores passwords securely, ensuring that the actual data never leaves the hardware

  • The company aims to launch its password storage product, Password Protect, in April

  • Silicon:Safe is targeting businesses that have suffered from massive password breaches, arguing that its solution provides 100% protection from password theft

  • The startup also plans to expand its technology to address other sensitive data areas in the future, such as credit card data and biometrics storage.

      • ProblemTechnology

      "Businesses are losing millions of pounds because of data breaches, particularly passwords. Even if the stolen data is encrypted, the company still has to tell its users to change their passwords, causing reputational damage. "

      Solution

      "Silicon:Safe created hardware that stores passwords and other sensitive data like credit card details so they cannot be read from outside. It is a box that is connected to a company's webserver and can only be queried to verify if a password is valid. "

      Covered on