PixelPin secures 1-5m funding to advance image-based authentication

By Nikita Chaurasia  Date: 2019-04-13

PixelPin secures 1-5m funding to advance image-based authentication

The new funds will be used to target new customers in the retail and finance sectors, as well as support continued product development

PixelPin, a UK-based startup, has reportedly secured a £1.5m pre-Series A round of funding for its image-based authentication technology that replaces passwords with pictures.

Sources with knowledge on the matter informed that the investment round was led by SBI Investment, subsidiary of SBI Holdings previously known as Softbank Investment. SBI Investment poured in £1m from the SBI AI and Blockchain Fund, while additional investment of £500k was received from present Angel investors, bringing it to total of £1.5m.

Seemingly, PixelPin is FIDO-certified and will utilize its new funds to target new customers in the retail and finance sectors, as well as support continued product development. Along with this, the funding is being utilized to set up new offices in Tokyo to act as a base for the company’s expansion into Japan and the broader Asian market.

Sources said that the cloud-based platform of the PixelPin, which is hosted on Microsoft Azure, replaces PINs and passwords for a personal, user-friendly and highly secure means of logging into online accounts for shopping, banking and other uses.

Instead of memorizing pins or passwords users can choose a picture and four precise points on that picture that must be chosen in sequence for logging into their online accounts.

Reportedly, the platform of PixelPin has a remarkable success rate, as it takes on an average just 10 seconds for a user to login and one minute to register. It has a 92% login success rate which is three times higher than passwords (30%).

The solution from PixelPin generates a highly personalized and easy-to-use login experience that will be mainly popular with a tech-savvy younger generation, sources commented. The platform performs without compromising on security and is also recognized as more secure than using passwords.

After this round of funding, PixelPin’ boasts of $4.5 million in total funding received till date, which has facilitated its development globally with partnerships across Europe, Americas, and Asia.

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

TCS, Infosys, Accenture workforce to receive free Covid-19 vaccination

TCS, Infosys, Accenture workforce to receive free Covid-19 vaccination

By Nikita Chaurasia

Information technology giants Infosys, Accenture India, and Tata Consultancy Services will reportedly cover Covid-19 vaccination costs for their employees and their family, who are eligible and opt to receive the jab. This news comes along the heels...

Motorola Solutions to offer Norwegian Health Emergency Service with CRS

Motorola Solutions to offer Norwegian Health Emergency Service with CRS

By Nikita Chaurasia

Motorola Solutions has announced to have been selected by Helsetjenestens Driftsorganisasjon for Nødnett HF (HDO HF) to offer the Norwegian Health Emergency Service with a new CRS (Command Central Control Room Solution). Confirming the news,&...

Nestle India exploring options to directly sell products to consumers

Nestle India exploring options to directly sell products to consumers

By Nikita Chaurasia

Nestle India Ltd. is reportedly exploring their options of trying their hands at direct selling since consumers are largely turning towards the internet to purchase products ranging from staples to medicines amidst the COVID-19 pandemic. While the n...

Razorpay: New funding en route, meteoric rise in market value expected

Razorpay: New funding en route, meteoric rise in market value expected

By Nikita Chaurasia

Indian startup Razorpay is reportedly in discussions with Singapore-based sovereign wealth fund GIC Pvt. Ltd. and other existing investors to raise around USD 200 million in a funding round that would allow the fintech company to double its valuation...

FDA to allow pharma companies modify COVID-19 shots amid variants surge

FDA to allow pharma companies modify COVID-19 shots amid variants surge

By Nikita Chaurasia

With the rising cases of Coronavirus variants, the United States Food & Drug Administration (FDA) has reportedly introduced guidelines for pharmaceutical companies to modify their COVID-19 vaccine doses in an effort to curb the spread of the dise...