IronVest raises $23M for decentralized biometric password manager
Biometric authentication provider IronVest announced it has raised $23 million in a seed funding round led by Accomplice with participation from Trust Ventures, Joule Ventures, Ulysses Management LLC, OurCrowd, and various angel investors.
The company made the announcement on Tuesday via a LinkedIn post confirming it had emerged from stealth to reveal the investment.
Led by BioCatch Founder Avi Turgeman, IronVest is a security platform and biometric password manager combo that offers decentralized, face recognition-powered fraud prevention technology to protect access to sensitive online accounts, including banking details, business applications, and health records.
“We’re on a mission to empower consumers and employees to seamlessly protect their online accounts and identity as they navigate and transact in the digital world,” the company writes in the Linkedin post.
Talking to VentureBeat, Turgeman explains that enterprise approaches to security currently focus on protecting the infrastructure and network, not the employee.
“We believe tools that manage passwords are not sufficient to truly protect employees from fraudulent account access,” Turgeman explains. “IronVest is focused on protecting the individual and on being more secure than the accounts it protects.”
The firm intends to do so with passwordless biometrics authentication, which was incidentally also recently described by the UK National Cyber Security Centre (NCSC) as one of the golden standards of enterprise security.
“Thanks to our amazing team and world-class investors […] and an amazing list of angel investors for being part of the journey so far. We’re just getting started,” IronVest says, concluding its Linkedin post.
The investment comes months after passwordless authentication giant Okta reported a 38 percent year-over-year growth in revenues from its software-as-a-service (SaaS) offering for physical and digital identity validation in 2021.
More recently, 1Kosmos received a strategic investment aimed at further pushing passwordless authentication.