Somerset, New Jersey headquartered cybersecurity startup 1Kosmos on Tuesday said it has raised Rs 110 crore ($15.1 million at current exchange rates) in a Series A round of funding.
The investment, a statement said, was led by ForgePoint Capital, a venture investor for early-stage cybersecurity companies. The fresh funds, it said, will help accelerate the growth and product roadmap of the company.
The round will also see Alberto Yépez, founding partner of ForgePoint, join 1Kosmos’ board of directors.
The company said it has development offices in India, and serves clients such as IndoStar Capital, 63Moons, Byju’s and Bajaj Electrical. It also counts Verizon, Hitachi and RSA Security as its customers.
“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,” Yépez said, adding that “they will transform the way the industry views digital identities and authentication.”
Founded in 2016 by Hemen Vimadalal, Rohan Pinto and Mike Engle, 1Kosmos describes itself as the world’s only cybersecurity company that combines indisputable digital identity proofing with advanced biometrics and passwordless authentication while storing user data encrypted in a private, permissioned blockchain.
The startup claims that its BlockID security platform for workforce and customers ensures the highest identity and authentication assurance levels, and can protect companies from the risk of breaches occurring due to credential and identity compromises in less than 60 minutes.
“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to make this an issue of the past for all, saving companies and individuals the time, money and hassle associated with outdated security,” Vimadalal said in the statement.
The advisory board of the startup includes cybersecurity professionals from organisations such as Booz Allen, the National Security Agency, Department of Defense and Barclays.