Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

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.

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.

Advertisement. Scroll to continue reading.

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.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.

Register

SecurityWeek’s Ransomware Resilience and Recovery Summit helps businesses to plan, prepare, and recover from a ransomware incident.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Cyber Insurance

Cyberinsurance and protection firm Boxx Insurance raises $14.4 million in a Series B funding round led by Zurich Insurance.

Cybersecurity Funding

2022 Cybersecurity Year in Review: Top news headlines and trends that impacted the security ecosystem

Cybersecurity Funding

Network security provider Corsa Security last week announced that it has raised $10 million from Roadmap Capital. To date, the company has raised $50...

Funding/M&A

Thirty-five cybersecurity-related M&A deals were announced in February 2023

Funding/M&A

Forty-one cybersecurity-related M&A deals were announced in March 2023.

Funding/M&A

Forty cybersecurity-related M&A deals were announced in January 2023.