Financing Will Be Used to Accelerate Growth and International Expansion of Trusona’s No Passwords Identity Authentication
Trusona, an identity authentication startup, secured $10 million in funding led by Microsoft Ventures with participation from current investor- Kleiner Perkins. Trusona has now managed to garner a total funding of $18 million.
The company plans to grow its team of 15, increase sales and product development, and expand globally with the funding infusion. Ori Eisen, CEO, and Founder, Trusona, said, “Trusona is committed to solving how people prove their identity online. We are honored that Microsoft Ventures has chosen to support Trusona’s vision to eradicate the use of static passwords and create a safer world online.”
Founded in 2015, Trusona’s Identity Authentication Suite provides a range of solutions based on the kind of security needed. It offers login without Passwords and OTP token. In 2016, it launched Trusona Elite, the only insured authentication to protect most sensitive assets of businesses such as high dollar wire transfers and transactions, SWIFT transfers, VIPs, system admin access to PII, and critical infrastructure.
Each financial transaction protected by Trusona Elite is insured for $1M. Another important suite solution, Trusona Essential combines its patent-pending anti-replay technology, and 2-factor authentication solution to render malware and session replay attacks completely useless.
Nagraj Kashyap, Corporate VP, Microsoft Ventures, said, “We believe in the work Trusona is doing to give their enterprise clients peace of mind when it comes to data protection. Identity management is a critically important and growing space. Helping businesses and consumers move toward a safer and more secure digital world is a priority for Microsoft.”
Existing investor Kleiner Perkins’ belief in the identity management startup dates back to 2006 when it invested in Trusona founder- Ori Eisen’s previous company- 41st Parameter which provided solutions for detecting and preventing fraud. 41st Parameter was acquired by Experian in 2013.
Ted Schlein, the General Partner, Kleiner Perkins, said “Having invested in Ori’s previous company, I know he is the person that can build a team and technology that will revolutionize online authentication both in its security and its simplicity. I am delighted to see the overwhelming interest in the technology across all business sectors – from banks to entertainment, from automotive to healthcare, and from higher education to government. Microsoft Ventures is an ideal partner to help.”
NoPasswords access feature for WordPress and Salesforce
In 2017, Trusona introduced a free #NoPasswords WordPress Plugin and a paid #NoPasswords for Salesforce – that would ensure that only approved users accessed the Salesforce application without passwords. Its products are already being utilized by companies across the government, media, healthcare, finance, and education sectors.