Passwordless multi-factor authentication technology provider Trusona this week announced it has raised $20 million as part of a Series C funding round led by Georgian Partners.
Scottsdale, Arizona-based Trusona was founded in 2015 by Ori Eisen, who also acts as CEO. The company’s platform is used by organizations in the financial services, healthcare, higher education, media, and other industries.
The company plans on using the new funds to expand operations and development efforts, to meet the increasing demand for its solution. This demand, Trusona says, comes from enterprises looking to move away from traditional, password-based authentication solutions.
With the majority of data breaches said to be the result of either stolen or weak passwords, Trusona aims to provide organizations with a more secure authentication solution, which reduces the attack surface by eliminating the use of credentials.
The two-factor authentication (2FA) and multi-factor authentication (MFA) mechanisms, which still rely on usernames and passwords as the first factor of authentication, can also be ineffective and vulnerable to attacks, the company says.
Trusona’s passwordless multi-factor authentication technology allows organizations to mitigate the risks associated with compromised credentials, while making it easy to log in to any platform courtesy of a seamless UI.
In addition to Georgian Partners, the new funding round saw participation from existing investors Kleiner Perkins, Microsoft Ventures, OurCrowd, and Seven Peaks Ventures. Akamai also participated, as a strategic investor.
To date, Trucsona has raised $38 million in funding. In June 2017, the company raised $10 million in a Series B funding round led by Microsoft Ventures.
“This round of funding will not only help us meet the growth in demand for our passwordless authentication solutions, but will also support new breakthrough innovations. We are on a mission to make the online world a safer place by turning usernames and passwords into memories and eliminating compromised credentials,” Eisen said.
Related: 1Password Raises $200 Million in Series A Funding
Related: Source Code Security Firm Cycode Launches With $4.6 Million in Funding
Related: Detectify Raises $23.7 Million in Series B Funding Round
Related: Many Users Don’t Change Unsafe Passwords After Being Warned: Google