Trusona, the leader in passwordless multi-factor authentication technology, announced that it has secured $20 million in additional financing led by growth equity firm Georgian Partners.
Prior investors including Kleiner Perkins, M12, OurCrowd and Seven Peaks Ventures also participated in the round. Akamai, the intelligent edge platform for securing and delivering digital experiences, joined this round as a strategic investor.
Trusona offers the world’s first fully passwordless authentication technology. This enables organizations to mitigate virtually all risk associated with compromised credential attacks by reducing their attack surface. Though the technology is complex, Trusona’s seamless UI makes it easy to log in to any platform on any device without usernames or passwords.
“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,” said Ori Eisen, Founder and CEO at Trusona. “We are on a mission to make the online world a safer place by turning usernames and passwords into memories and eliminating compromised credentials.”
The company is seeing unprecedented demand from enterprises that want to move away from traditional, password-based solutions. Compromised credentials are used in over 80 percent of all breaches.
Even two-factor authentication (2FA) and multi-factor authentication (MFA) solutions that rely on usernames and passwords as the first factor authentication are vulnerable and ineffective.
“By 2022, Gartner predicts that 60% of large and global enterprises, and 90% of midsize enterprises, will implement passwordless methods in more than 50% of use cases — up from 5% in 2018,” said Ant Allan, Vice President Analyst at Gartner.
“Trusona is leading the movement to remove passwords,” said Justin LaFayette, Managing Partner at Georgian Partners. “We’re excited to partner with Ori and join a world-class team on their mission to change the way the world authenticates.”
“Trusona gave us a lot more confidence in our security posture,” said Alex Manea, CSO and VP Product at Georgian Partners. “Their passwordless authentication solution protects us against public data breaches and phishing attacks. I’m impressed with how easy it was to deploy and how seamless they’ve made the user experience.”
“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, Web division, 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.”