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Trusona raises $20 million to bring passwordless authentication to more businesses

[2020.01.14, Tue 15:05] Trusona, a security and authentication platform that helps businesses verify logins without relying on passwords, has raised $20 million in a round of funding led by Georgian Partners, with participation from Microsoft's M12, Kleiner Perkins, OurCrowd, Seven Peaks Ventures, and Akamai. The underlying problem is that people are not that great at remembering lots of passwords, thus they often reuse the same password across multiple online services, or use a really easy-to-guess password. Founded in 2015, Scottsdale, Arizona-based Trusona provides organizations with the tools to verify their employees or customers more securely, without having to rely on passwords. "We are on a mission to make the online world a safer place by turning usernames and passwords into memories and eliminating compromised credentials," noted Trusona CEO and founder Ori Eisen. Judging by recent activity, password management - which effectively moves passwords to the background of the authentication process - is big business. Elsewhere, Mozilla launched its Firefox Lockbox service for Android users, enabling them to log into native mobile apps using passwords that are already stored in their Firefox browser, while VPN giant NordVPN launched a password management app of its very own. Global demand for password management solutions in mobile devices amounted to less than $115 million in 2016, according to a report from Grand View Research - but it estimates the figure will rise to more than $2 billion by 2025.
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