Gigya-linked startup scores $6M to build mobile biometric 2FA
Tel Aviv-based passwordless digital identity provider OwnID raised $6.2 million to build up its authentication service that uses the biometrics on the user’s smartphone to replace passwords with two-factor authentication (2FA).
The details of the fundraising round were reported by TechCrunch, which says the seed round was led by Mayfield.
OwnID’s Co-founders Dor Shany and Rooly Eliezerov are also the co-founders of Gigya, a startup that was sold to SAP in 2017 for $350 million. But in an interview with TechCrunch, Shany says their desire to create a simplified authentication process did not fade, and they will pursue this goal with OwnID.
The startup’s authentication service allows users to utilize their smartphone’s biometrics during account registration or login, rather than a password. An example image shows that users input their e-mail address and have the option to skip the password with native device face and fingerprint biometrics acquired and matched on their smartphone. The software also integrates with personal computers and TVs for logins on those formats by presenting a QR code that can be scanned by a smartphone to authenticate their biometrics for those devices.
OwnID does not require an app and web developers can attach a widget to their website to enable its biometric smartphone authentication. The biometrics are secured with cryptographic keys to maintain the user’s data security.
Shany told TechCrunch that OwnID has about 20 employees and has plans to double that number in the coming year. The startup currently has clients such has Nestle, Bayer, SAP, and DeLonghi.
Mayfield also led an early funding round for ID scanning and face biometrics startup Berbix in 2020 which raised $9 million.