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.
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
