1Kosmos is benefitting from the surging demand for passwordless authentication technology. The company reported record growth in 2021, after tripling its number of new customers and quintupling its total number of bookings over the course of the full year. 1Kosmos also doubled its employee headcount to keep up with that demand and maintain its growth trajectory.
Along the way, the identity verification specialist passed a series of major business milestones. The company officially emerged from stealth mode in February of 2021, thereby kicking off its first official year of commercial sales. The company’s flagship BlockID solution received NIST 800-63-3 certification a few months later, to supplement the FIDO2 certification it received in October of 2020, and the iBeta and ISO/IEC 27001 certifications it received in 2021.
On the financial front, 1Kosmos captured $15 million in a round of Series A funding with Forgepoint Capital, and formed distribution partnerships with MorganFranklin and Auth0. More than 50 million identities are now being managed with the BlockID platform, with many financial institutions using the tech to enable passwordless authentication for their employees.
The BlockID solution supports biometric authentication, and uses mobile device and location data to provide organizations with an extra layer of identity assurance. 1Kosmos also released a new Passwordless Identity Package in May, and followed that with the December introduction of a SIM binding service that lets people link a single phone number to their account.
“The accelerating use of biometrics and mobile devices for authentication is paving the way for a passwordless world,” said 1Kosmos CEO Hemen Vimadalal. “Our ability to unify identity proofing and authentication in a frictionless way for employees, consumers and citizens enabled us to exceed our business goals in 2021 and set the stage for accelerated growth in 2022.”
Moving forward, 1Kosmos will be looking to expand its customer base in Mexico and the Asia Pacific region. The company signed 2021 deals with Alestra and Hitachi to target those respective markets.