1Kosmos, a US cybersecurity start-up focused on identity verification and passwordless authentication, has raised $57 million in a Series B funding round led by Forgepoint Capital and Oquirrh Ventures, a private equity firm operated in partnership with Origami Capital Partners. The raise includes a $10 million credit line with Bridge Bank and builds on the company’s $15 million Series A from February 2021.
Supporting this latest round were NextEra Energy Ventures, Gula Tech Adventures, the 1Kosmos management team, and angel Craig Abod, president and founder of government solutions provider Carahsoft.
Having raised around $72 million to date, 1Kosmos says funds from its Series B will be used for further product development and to “accelerate global expansion by scaling direct and channel sales across North America, EMEA, and APAC”. The company adds it also plans to “deepen technology integrations” with IAM, CIAM, PAM, and zero trust platforms.
1Kosmos provides a distributed identity cloud service that combines digital identity proofing with biometric and passwordless authentication technology, while using an encrypted, private permissioned blockchain to store sensitive identity information.
The company, founded by CEO Hemen Vimadalal in 2018 and headquartered in Iselin, New Jersey, was notably selected for a 10-year blanket purchase agreement by the US General Services Administration in October last year to provide, in partnership with Carahsoft, identity proofing services for Login.gov, an authentication platform used across numerous federal government agencies.
“This investment allows us to strengthen the proactive controls organisations need to prevent impersonation-based attacks—whether it’s a sophisticated hacking group or a state-sponsored developer hiding in plain sight,” comments Vimadalal, adding that the 1Kosmos platform can be deployed “in a matter of hours” to mitigate these potential threats.
Source: https://www.fintechfutures.com/
