LaunchKey, a platform offering multimodal decentralized security, has raised $3 million in its latest round of seed funding. Metamorphic Ventures led the round, and funding also came in from firms such as Crosslink Capital and ENIAC Ventures, bringing LaunchKey’s total investment to $4 million. LaunchKey hopes to use this funding to expand its team and bring its platform to market in the coming year.
According to a press release from the company, the platform allows for users to “to use their mobile devices for password-less login, multi-factor authentication, real-time authorization, identity verification, biometric authentication, physical access control, and more — all through one consolidated platform,” and it “can be used through a REST API and subscription service with custom integrations and advanced deployments also available.” The main takeaway is that the platform uses mobile devices for authentication; given that many smartphones now feature advanced security such as biometric authentication via fingerprint scanners, that’s a very forward-thinking approach.
LaunchKey says it’s a “platform built for the post-password and Internet of Things era,” and that’s exactly the right way to position such a service in the current – and rapidly changing – IT situation we find ourselves in. As the Internet of Things looks set to explode over the next several year, security experts are warning about the ineffectiveness of archaic password systems, and are advocating for the use of multi-modal security systems that are compatible with a growing range of interconnected devices. With that in mind, it’s easy to understand investors’ excitement about LaunchKey.