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Fraud & Identity Theft

Token Gets $30M Funding for Biometrics MFA Smart Ring

Token has raised a total of $53 million to work on a biometrics-powered wearable device featuring multi-factor authentication technologies.

Token, a New York-based startup building multi-factor authentication technology into a wearable finger ring, has snagged $30 million in financing from Grand Oaks Capital.

The new money comes in the form of a $20M secured note and a $10M convertible note and provides working capital and runway for Token to compete in a crowded market for enterprise authentication products.

Token has so far raised a total of $53 million in funding to work on a biometrics-powered wearable device featuring multi-factor authentication technologies. 

The company said its Token smart ring is passwordless and FIDO 2-compliant and capable of stopping ransomware, phishing and data-theft attacks.

Founded in 2014, the North American company offers a smart ring as a hardware authenticator. The Token Ring features FIDO2 support and can be paired with a user’s phone using the Token Ring App.

The device offers passwordless, biometric authentication courtesy of an integrated fingerprint sensor and relies on NFC technology to validate proximity and mitigate remote attacks.

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Multi-factor authentication (MFA) helps mitigate cyberattacks that rely on compromising user credentials – including social engineering, hacking, and malware – and Token seeks to bank on the increasing adoption of biometrics MFA solutions worldwide.

Related: Token Raises $13 Million for Its Biometric Authentication Ring

Related: Beyond Biometrics: The Future of Authentication

Related: SpecterOps Scores $25M Funding to Secure ID Attack Paths

Written By

Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.

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