An Arizona-based startup used by the likes of Microsoft and Aetna on Tuesday announced it has raised $20 million, bringing its total funding to $35 million.
Trusona, founded in 2015, describes itself as an enterprise authentication company that helps customers abandon passwords in favor of QR codes. By using their phone to scan a QR code on their desktop, the idea goes, users can log-in to their accounts without a username and password, just as long as that service also is using Trusona. Along with physical security keys, password management tools and biometrics, it’s the latest emerging technology that is challenging traditional sign-on techniques.
“It’s not just a fad,” said Trusona chief executive Ori Eisen, a former financial industry executive who specialized in anti-fraud. “We think that passwordless, in the next three to five years, will become [more common].”
Georgian Partners, a Canadian venture capital firm, led the most recent funding round, its Series C, with additional funding from the cloud security company Akamai Technologies. Akamai is a strategic investor in Trusona, and for two sales cycles has offered Trusona as an authentication technique to its enterprise clients.
Existing Trusona clients include the healthcare company Aetna, Kleiner Perkins, another investor, and Bain Capital, among other financial institutions. In 2017, Microsoft led Trusona’s $10 million Series B funding round as part of that company’s move to replace passwords with other authentication techniques. Now, Microsoft’s ..
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