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Allthenticate raises "elite" ($3,133,337) seed round to free the world from passwords and key fobsAllthenticate is eliminating passwords, smartcards, authentication codes, and key fobs and replacing them with a modern, mobile experience. HOUSTON, Texas and SANTA BARBARA, Calif., June 21, 2022 /PRNewswire/ -- Allthenticate, a unified authentication and access control company, announces its seed funding of $3,133,337, "elite" in hacker speak, led by Silverton Partners with participation from Amplify and Ping Identity.
Allthenticate raises "elite" ($3,133,337) seed round to free the world from passwords and key fobs. Allthenticate's mission is to make security products that are fun, easy to use, and ridiculously secure. Its urrent services let organizations use their smartphones to unlock and log in to everything: doors, computers, websites, and servers. Allthenticate helps organizations upgrade their security infrastructures while reducing management overhead, increasing visibility into their organization, and letting them build highly-customized security policies. These policies can be made as user-friendly as possible without compromising security – doors unlock as you walk up to them, computers unlock by simply pressing [Enter], and websites login automatically based on the proximity of the phone. Only in security-critical instances will users be prompted for a secure biometric or a PIN, as determined by its users. Dr. Chad Spensky, founder and CEO, said, "The Internet desperately needs an authentication overhaul. Our current ecosystem is cumbersome, limits innovation, and has numerous security shortcomings. I have dedicated my career to this problem and feel very fortunate to have the support to continue to develop our technology and bring it to the masses. The feedback from our early customers has been incredibly positive, which is only compounding the excitement here at Allthenticate." Allthenticate has taken an exclusive license from MIT to the core technology, originally developed for the Department of Defense by Chad and his team during their tenure at MIT Lincoln Laboratory. Allthenticate's fully-distributed architecture is unique in the authentication industry. The system was meticulously designed to remove any single points of failure and to distribute trust across the ecosystem. Each user is in full control of their cryptographic keys, which are securely stored in their phone's hardware, and each organization controls their own small piece of the network. This design allows Allthenticate's technology to scale without putting the world's infrastructure at risk of a cyberattack and without compromising users' privacy. Silverton's managing partner, Morgan Flager, announced, "Silverton has a long history of working with leaders who have pushed boundaries in identity, governance, and access management. Upon meeting Chad and Rita, we recognized Allthenticate's technology as having the potential to be paradigm-shifting for the industry. What the team has accomplished with modest financial resources to date is impressive. We are excited and honored to partner with Allthenticate to accelerate our shared vision of creating a safer and more secure world without passwords." "We're excited to support the Allthenticate team in their mission to accelerate a truly passwordless future, and what that means for the opportunity to improve and modernize the security stack for enterprises everywhere. Companies use a range of products and often staple together solutions across password management, authentication, and access — Allthenticate creates a seamless command center for all of this," declared Connor Sundberg from Amplify. The new funding will help expand engineering efforts and commercial operations, as well as establishing strategic partnerships and integrations. ALLTHENTICATE CONTACT
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