tru.ID Adds Sorenson Ventures to $9m Seed Round to Scale the Mobile Cybersecurity Platform
tru.ID (https://tru.id), the pioneering passwordless authentication platform leveraging SIM card cryptography, is today announcing that Sorenson Ventures joined its seed funding round, alongside Episode 1, MMC Ventures and NHN Ventures, bringing the company’s total seed stage funding to USD 9m. Sorenson provides strong US-based connections which will be valuable as the company prepares to roll out its services into the USA market.
tru.ID exists to help companies solve the $1trillion 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.
Paul McGuire, co-founder and CEO of tru.ID, says: “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.”
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.
tru.ID is already live in 20 markets and continues to build out its network.
Rob Rueckert, Partner at Sorenson Ventures, comments: “Today, doing business online or working remotely means a constant threat of cyberattacks. Finding a solution that is effective and usable for customers and employees is an urgent and unsolved problem for businesses of every size. tru.ID brings a new and potentially transformative approach, leveraging the security & ubiquity of the SIM card through a modern, API platform. We are delighted to be backing this experienced team and to already see the significant traction they have achieved since we made our investment.”
tru.ID helps businesses to reduce the threat of cybercrime by replacing passwords and PIN codes with a secure possession factor API for multifactor authentication (MFA). This revolutionary approach leverages the core cryptographic security built-in to every mobile network and is now being made available, for the first time, to businesses via API.
tru.ID uses mobile network cryptography based on the SIM card – the same highly secure technology that is already present in every credit card - to deliver strong MFA protection for Customers and Employees.
tru.ID is easy to deploy and simple to use. The service is already available in 20 markets covering over 2bn users, and is rolling out globally.
Visit our website to learn more or sign up and start testing for free at https://tru.id.
About Sorenson Ventures
Sorenson Ventures is a Silicon Valley and Utah-based, early-stage investing firm in security and enterprise software companies with more than $250 million of capital under management. Sorenson Ventures invests in product-oriented founders and helps portfolio companies establish a strong foundation to accelerate revenue growth with Global 2000 customers.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
RMS Expands Global Risk Views Coverage19.5.2022 17:30:00 EEST | Press release
RMS ®, a Moody’s Analytics company and world-leading risk modeling and solutions company, announces it will be launching new global views for acute and chronic perils and their climate change impact. RMS already offers a range of regional peril and climate change models, which support detailed acute physical loss modeling products, as well as data products covering hazard and risk scores, and loss costs for individual locations, across multiple time horizons. RMS climate change models and data products have been welcomed by the market, and allow users to stress test portfolio management, risk mitigation, and adaption strategies. The newly announced global views significantly extend RMS’s peril and climate change impact coverage to provide fully correlated global views of risk, and include event frequency and severity, and analysis for current baseline and future climate views. With these new global views, RMS not only delivers a view of risk for acute peril-specific risks, but also chr
Envision the Future and Take on the Power of Computing with GIGABYTE at COMPUTEX 202219.5.2022 17:29:00 EEST | Press release
GIGABYTE, a world leader in computer technology, will be presenting “Power of Computing” as its theme of the year, and exhibiting its leading products and solutions designed for various industries and fields in the upcoming COMPUTEX Taipei. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005640/en/ Envision the Future and Take on the Power of Computing with GIGABYTE at COMPUTEX 2022 GIGABYTE has curated its presentation around the theme “Power of Computing” to demonstrate that, everything from the cloud to the edge, from team collaboration to individual creation, from business applications to personal use, computing done by servers in data centers to process massive data and embedded systems in IoT and personal computers to render real-time information is the key behind groundbreaking innovations that appear in the fields of AI, cloud deployment, smart technologies, and digital content creation, etc. Data Center is an i
Immervision Brings Human-Like Vision Capabilities to Halodi Robotics19.5.2022 16:17:00 EEST | Press release
Immervision, the world’s leading developer of advanced vision systems combining optics, image processing, and sensor fusion technology, is proud to announce it was chosen by Halodi Robotics to provide their next generation vision system for their humanoid service robot platform, capable of handling both human and computer vision. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005594/en/ (Graphic: Business Wire) Robots are capable of performing a wide variety of tasks that are difficult or dangerous for humans to perform. To intelligently and accurately perform these tasks, they require mobility and the aptitude to explore, understand and function within various environments. For a robot to work autonomously, or problem-solve with human assistance, it requires sensor data to understand the human world and the ability to process the data and respond in a timely manner. The difficulty is that for certain applications, a r
Mary Kay Inc. Collaborates With European Partners to Support Native Oyster Restoration Projects19.5.2022 16:03:00 EEST | Press release
Oyster reefs benefit humans and the environment through a suite of ecosystem services. A single oyster can filter up to 240 liters of water a day, resulting in increased water quality and clarity and support a unique and highly diverse community of fish and invertebrate marine species. At the same time, oyster reefs are the world’s most threatened marine habitat, with an estimated 85 percent loss globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005168/en/ Mary Kay logo In celebration of World Endangered Species Day and International Day for Biological Diversity, Mary Kay Inc., a global leader in corporate sustainability, announced its collaboration with The Nature Conservancy (TNC) and European partners to support native oyster restoration projects in the UK and continental Europe. TNC helped to launch the Native Oyster Restoration Alliance (NORA), a European network made up of governmental agencies, scientists
Biognosys Announces Appointment of Beat Lüthi, Ph.D., as independent Board Director19.5.2022 15:00:00 EEST | Press release
Biognosys, a leader in next-generation proteomics solutions for life science research and drug development, announced today the appointment of Beat Lüthi, Ph.D., as Board Director. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005079/en/ Beat Lüthi, Ph.D. – Biognosys' Newly Appointed Board Director. (Photo: Business Wire) Dr. Lüthi is Chief Executive Officer of CTC Analytics AG, a privately owned Swiss company leading in automation and advanced laboratory sample handling solutions for the pharmaceutical, life science, chemical, environmental, and food & flavor industries. Additionally, he holds several Board of Directors mandates in public firms, including Chairman of Inficon Group, Vice Chairman of Straumann Group, and Board Member of Skan AG. Dr. Lüthi holds an M.Sc. in Electrical Engineering and a Ph.D. in Business Administration from ETH Zurich and completed an International Executive Program at the INSEAD Busines
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom