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Token Raises $13 Million for Its Biometric Authentication Ring

By Ionut Arghire on June 30, 2022

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Wearable authentication options supplier Token this week introduced that it has raised $13 million in Sequence B funding. To this point, the corporate has raised $22.9 million.

Led by Grand Oaks Capital, the funding spherical will enable Token to speed up product improvement and to extend demand for its know-how.

Based in 2014, the North American firm affords a sensible ring as a {hardware} authenticator. The Token Ring options FIDO2 assist and could be paired with a consumer’s cellphone utilizing the Token Ring App.

The machine affords passwordless, biometric authentication courtesy of an built-in fingerprint sensor and depends on NFC know-how to validate proximity and mitigate distant assaults.

Multi-factor authentication (MFA) helps mitigate cyberattacks that depend on compromising consumer credentials – together with social engineering, hacking, and malware – and Token seeks to financial institution on the rising adoption of biometrics MFA options worldwide.

Additionally this week, Token introduced the appointment of John Gunn as CEO. Beforehand, Gunn served as chief income officer at SaaS-based digital settlement safety supplier OneSpan, and had prior positions as president and basic supervisor inside the know-how sector.

“We’ve got nice religion within the Token crew and are assured of their skill to be a number one supplier of authentication and cybersecurity options which have extremely nice ROI. Token has a brief path to income after which quickly scaling the enterprise, and cybersecurity has at all times been a recession-proof enterprise,” Grand Oaks Capital chief funding officer David Bovenzi stated.

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