Trusted Key raises $3m for passwordless authentication
Blockchain-based identity solutions company Trusted Key pulled in $3 million, reports Julie Muhn at Finovate. The seed funding was led by Founders Co-Op with participation from Pithia, the venture capital company of The RChain Cooperative.
Combined with the company’s $1.1 million debt round last April, Trusted Key’s total funding stands at $4.1 million.
Trusted Key will use the investment to accelerate innovation and business expansion to meet demand from enterprise customers. “Highly regulated enterprises want to bring their customer experience online but have significant drop-off rates during enrollment due to the cumbersome identity validation, or proofing, process,” says Amit Jasuja, CEO of Trusted Key. “Trusted Key’s platform protects the privacy of consumer data, while allowing enterprises to easily verify that their customers are who they claim to be. We are rebuilding digital trust.”
The latest funding comes as the company wraps up a pilot project with healthcare consortium NH-ISAC, in which Trusted Key facilitates identity proofing during the onboarding process. The company provides NH-ISAC clients with a single, reusable identity they can use to access all of their healthcare services. “We have been very impressed working with Trusted Key on the power of their platform around identity proofing and the creation of a secure digital identity that can be re-used by all of our healthcare partners with validation on the blockchain,” says Kurt Lieber, chairman of the NH-ISAC Identity and Authentication Working Group.
Trusted Key’s solution leverages the blockchain tech to create a digital identity to prevent identity fraud and improve security. In the end, consumers receive a password-less login and enterprise businesses receive streamlined customer acquisition with a customisable authentication experience.
Its use of the blockchain makes Trusted Key well-positioned to scale up, the company says. And there is plenty of room to grow in this market – a recent report from Allied Market Research states that the global consumer identity and access management market is estimated to reach nearly $24 billion by 2022.
Founded in 2016, the Seattle-based company launched Secure SSH Key Management as part of its Trusted Key Digital Identity Wallet last year.