Nok Nok Labs offers support for FIDO 1.0 standards, raises $8.25 million in funding
Nok Nok Labs announced it has added support for FIDO (Fast IDentity Online) Alliance on the final publication of the 1.0 standards, which enables service providers, enterprises and device manufacturers to upgrade their username/passwords login scheme to provide strong authentication.
Along with support of FIDO 1.0, Nok Nok Labs also released a new version of its S3 Authentication Suite that supports the finalized universal authentication framework standard, along with an update for its FIDO ready solution already deployed with customers.
The UAF server is available for qualified early-access customers this month.
Additionally, Nok Nok Labs is offering SDKs to simplify the process of FIDO-enabling third party authenticators, web applications, and mobile applications.
An Android SDK is available for qualified early access customers this month, while SDKs for other platforms such as iOS, will be available in early 2015.
The S3 Authentication Suite has already seen notable deployments, with both PayPal and Chinese online payment solution Alipay are currently processing payments using fingerprint sensor-enabled authentication based on Nok Nok technology.
There are also other pilots in progress at major banks, mobile network operators, healthcare solution integrators, and major trading networks.
The NNL multifactor authentication server deployed at these customers’ are using the FIDO ready NNL multifactor authentication client on the latest Samsung Galaxy smartphones and tablets.
Nok Nok Labs also announced it raised $8.25 million in a Series C financing from new investors DDS Inc. and Raven Ventures, as well as existing investors DCM Ventures, Lenovo Group Limited and ONSET Ventures.
This latest financing round brings Nok Nok Labs’ total capital raised to $40 million, which the company will use to fund international opportunities, meet growing demand in Asia Pacific, add additional support capabilities for the significant pipeline growth, and continue its strategy of partnering with key regional, strategic investors.
“The timing of this announcement, together with the FIDO 1.0 news and the release of our new S3 Suite gives us great momentum as we execute on the FIDO vision of simpler, stronger authentication,” said Phillip Dunkelberger, president and CEO, Nok Nok Labs. “The addition of strategic investors in both Australia and Japan demonstrates the global nature of the problem.”