Wearable authentication solutions provider Token this week announced that it has raised $13 million in Series B funding. To date, the company has raised $22.9 million.
Led by Grand Oaks Capital, the investment round will allow Token to accelerate product development and to increase demand for its technology.
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.
Also this week, Token announced the appointment of John Gunn as CEO. Previously, Gunn served as chief revenue officer at SaaS-based digital agreement security provider OneSpan, and had prior positions as president and general manager within the technology sector.
“We have great faith in the Token team and are confident in their ability to be a leading provider of authentication and cybersecurity solutions that have incredibly great ROI. Token has a short path to revenue and then rapidly scaling the business, and cybersecurity has always been a recession-proof business,” Grand Oaks Capital chief investment officer David Bovenzi said.
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