1Kosmos receives strategic investment to push passwordless authentication, zero trust
1Kosmos has announced what it calls a new strategic investment from security industry experts Gula Tech Adventures (GTA), as the company advances its vision of integrating identity proofing and authentication as a major stepping stone on the path to a passwordless future.
1Kosmos CEO Hemen Vimadalal said they were excited to have GTA on board and will draw from their experience in cyber security issues to embolden their market position.
“We are honored to welcome Ron as a strategic investor and were able to attract someone of his stature because he is aligned with our belief that we can’t get rid of passwords unless we eliminate the silos between authentication and identity verification,” said Vimadalal. He added that Gula’s “accomplishments in the security industry speak for themselves and we look forward to tapping Ron and the GTA team’s advice and expertise to help us expand our market leadership position.”
GTA president Ron Gula said his company invested in 1kosmos for “pioneering an approach based on the vision that a user’s identity and the authentication method they use to login to a system should be inseparable.”
“Unifying these two functions allows 1Kosmos to not only support passwordless access, but also multi-factor authentication, Zero Trust, distributed identity with privacy and user consent at its core,” added Gula.
The amount of the investment was not disclosed.
1Kosmos provides passwordless authentication and zero solutions to government agencies, businesses and organizations which are increasing adopting the zero trust security and MFA authentication models. The company’s BlockID applies blockchain and biometric authentication for distributed digital identity.
Governments, notably in the U.S., are increasing their focus on zero trust approaches to cybersecurity.
A recent study by Market Research Engine projects that the zero trust security market could hit $ 94.35 billion by 2027, at a CAGR of 17 percent within the forecast period. The report attributes this, among other things, to the growing number of cyber-attacks in recent years.
Passwordless authentication with biometrics is also increasingly being adopted, with Beyond Identity, for example, announcing in February that it raised a whopping $100 million to extend its passwordless multi-factor authentication business worldwide.