European cybersecurity startup Uniqkey today announced raising €5.35 million (~$5.9 million) in a new funding round that brings the total raised by the company to €15.35 million (~$17 million).
The new investment round was led by Swedish VC BackingMinds, with additional support from angel investors.
Founded in 2017, the Copenhagen, Denmark-based startup aims to simplify and secure employee access to resources by protecting credentials and critical systems using state-of-the-art encryption.
Uniqkey’s password and access management solution requires that employees use a mobile application when logging into enterprise systems, while keeping passwords encrypted.
The company promises the same login experience across mobile, desktop, and cloud services, continuous authentication, and credential autofill to proliferate the use of strong passwords that employees do not have to remember.
Uniqkey’s solution also supports multi-factor authentication, password sharing within the organization, and access control to enable safe collaboration. The company also aims to educate employees to increase cybersecurity awareness.
Additionally, organizations can monitor and manage employees’ access to logins and other assets, can organize logins into purpose-specific groups, manage access to sensitive information, and monitor and manage services employees have registered accounts for using their work email accounts.
Uniqkey currently has 50 employees and serves over 500 organizations across Europe. The company will use the new funding to scale its technology to support more organizations, mainly small-to-medium-sized businesses (SMBs).
“Today we protect 500+ SMEs across Europe and we’ve seen great demand for our cyber security solution, having grown 100% YoY over the past two years. We can really feel the pull in the market and want to keep investing in growth and product. With the investment, we invest in continued growth and keep up with the latest safety standards,” Uniqkey founder and CEO Hakan Yagci said.
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