1Kosmos Secures INR 110 Cr In Series A Round From ForgePoint Capital
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Cybersecurity company 1Kosmos that provides digital identity proofing and passwordless authentication for workforce and customers, announced on Tuesday to have raised INR 110 crore investment from ForgePoint Capital.
The security platform brings the highest identity and authentication assurance levels through advanced biometrics and a private blockchain ecosystem that includes BlockID Verify, BlockID Workforce, and BlockID Customer that delivers unmatched security for enterprises and individuals.
“Research has shown that 81 percent of data breaches are caused by identity and credential compromises,” said Hemen Vimadalal, chief executive officer, 1Kosmos . “With the help of our expert advisory board and investment from ForgePoint, we are able to make this an issue of the past for all, saving companies and individuals the time, money, and hassle associated with outdated security. We are here to solve a 60-year-old digital identity and credential problem in less than 60 minutes.”
In addition to securing funding, which will be used to accelerate the company’s growth and product roadmap, 1Kosmos has assembled an advisory board that brings together top professionals in the cybersecurity industry. With decades of combined experience working for industry-leading organizations such as Booz Allen, the National Security Agency, Barclays, and more.
“At ForgePoint, our goal is to build the next generation of companies that protect the digital world,” added Alberto Yépez, founding partner, ForgePoint Capital. “1Kosmos provides an integrated offering to enable organizations to drive their digital transformation by managing identities in a distributed environment. We are excited to partner with the 1Kosmos team given their track record of success and their differentiated standards-based offering with a solid architecture approach. They will transform the way the industry views digital identities and authentication.”
With this funding round, AlbertoYépez joins the 1Kosmos’ board of directors.
The company’s BlockID products claim to go beyond all passwordless solutions on the market by bringing decentralized identity to workforces and customers.
This is backed by the use of advanced biometrics to ensure customers know for a fact that is accessing systems and also eliminating the need for usernames and passwords or complex multi-factor authentication. BlockID integrates with any application, website, or operating system and doesn’t require additional software or technology, the company further said.
In India, 1Kosmos has an enviable roster of clients primarily from the banking and financial services sector including IndoStar Capital, 63Moons, Hitachi, BYJU’s, Bajaj Electrical, to name a few.