Allthenticate has raised a little over $3 million in seed funding. More specifically, the company raised $3,133,337, a play on so-called ‘hacker speak’ in which the number 1337 is used to represent a slang version of the word “elite”.
The startup has been starting to get some attention for its eponymous ‘Allthenticate’ solution for enterprise access. Essentially, its aim is to let employees access doors and their work terminals all through the same, easy-to-use mobile app.
The solution was showcased by both of Allthenticate’s co-founders at this year’s ISC West event in Las Vegas, where COO Rita Mounir introduced FindBiometrics’ Doug OGorden to the ‘ReaderX’ mobile access terminal. In a separate interview, CEO Chad Spensky spoke in-depth about the solution and demonstrated how it could even be used to secure access to a light bulb.
Allthenticate’s efforts to raise the profile of its enterprise solution have evidently helped the company to capture the attention of investors. Its seed funding round featured contributions from Amplify and Ping Identity, and was led by Silverton Partners.
“Silverton has a long history of working with leaders who have pushed boundaries in identity, governance, and access management,” explained Silverton Managing Partner Morgan Flager in a statement announcing the funding round. “Upon meeting Chad and Rita, we recognized Allthenticate’s technology as having the potential to be paradigm-shifting for the industry. What the team has accomplished with modest financial resources to date is impressive.”
The investment funding is particularly notable for materializing at a time of serious market uncertainty. As detailed in a recent ID Tech column, private market funding has slowed to a trickle in the first part of 2022 amid the broader tech selloff, and many expect venture capitalists to adopt more discriminating and discerning attitudes when considering their investments going forward.
For its part, Allthenticate’s MIT background has likely helped to make the company’s case. The startup says its core technology was originally developed for the Department of Defense during Spensky’s tenure at the MIT Lincoln Laboratory.