FB pixel

Big little investment: $3M in seed for digital ID startup Allthenticate

Ping Identity participates as ecosystem expands
Big little investment: $3M in seed for digital ID startup Allthenticate

As seed financing goes, the just-completed round for passwordless digital ID authentication startup Allthenticate is notable.

The company took brought in $3.1 million — $3,133,337, to be very exact. Silverton Partners led and Amplify and Ping Identity participated.

The authentication and access-control app works by storing cryptographic keys in a person’s phone hardware. Within its range limits the software will open electronically locked doors, log into computers and even sign in to certain websites. Step-up authentication with biometrics or a PIN is applied for higher security interactions.

Nothing changes hands over a network, increasing security. The company says it is easier to create detailed permissions across a business or a campus.

Allthenticate seeks to eliminate reliance on passwords and physical security keys.

The company’s founder, CEO Chad Spensky, developed the app as part of a team at the Massachusetts Institute of Technology’s Lincoln Lab while working on a contract from the U.S. Defense Department. Allthenticate has an exclusive license to the app’s core technology.

Ping is both an Allthenticate investor and an access management vendor. Earlier this month, it joined with Yubico, maker of hardware authentication security keys and EntryPoint, which has a credential management platform.

Together, they have created a no-code, standards-based product boasting phishing resistant authenticators, ID proofing and centralized digital ID management for buyers in the U.S. government based on the FIDO2 multifactor authentication specification.

A seed round of more than $3 million is unusual. It approaches the $5 million level that technology-business publisher Crunchbase considered in 2019 to be “supergiant seed rounds.”

While the data in the article is dated, it shows growth in the number of $5 million-plus seed financings. To weed out older firms that for some reason decided to finally seek venture funding, the editors counted only firms being no older than 3 years.

In 2014, there were 39 supergiant seeds, 70 the next year, 77 in 2016, 115 in 2017 and 141 in 2018, according to Crunchbase.

Allthenticate says it will dedicate the funding to its engineering efforts and commercial operations.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News


The UK’s election may spell out the future of its national ID cards

Identity cards are back among the UK’s top controversial topics – thanks to the upcoming elections and its focus on…


Challenges in face biometrics addressed with new tech and research amid high stakes

Big biometrics contracts and deals were the theme of several of the stories on that drew the most interest from…


Online age verification debates continue in Canada, EU, India

Introducing age verification to protect children online remains a hot topic across the globe: Canada is debating the Online Harms…


Login.gov adds selfie biometrics for May pilot

America’s single-sign on system for government benefits and services, Login.gov, is getting a face biometrics option for enhanced identity verification…


BIPA one step closer to seeing its first major change since 2008 inception

On Thursday, a bipartisan majority in the Illinois Senate approved the first major change to Illinois Biometric Information Privacy Act…


Identity verification industry mulls solutions to flood of synthetic IDs

The advent of AI-powered generators such as OnlyFake, which creates realistic-looking photos of fake IDs for only US$15, has stirred…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events