Palo Alto, California-based Nok Nok Labs has gained new validation for its quest to develop new ways to authenticate your identity online: They just received a $16.5 million in a new funding round with computer maker Lenovo as a new backer. VentureBeat reported.
The round was also participated in by previous investors DCM and Onset Ventures. Proceeds from the latest round brought to $31.5 million the total funding it has raised to date. This includes the debt financing amounting to $4 million which Nok Nok announced in June last year, the report said.
Nok Nok Labs believes that there are other technologies that can be used to verify yourself aside from using passwords to access a service. The startup said other options include microphones, fingerprint scanners and cameras are also possible methods, the report said.
Proceeds from the most recent round will help Nok Nok roll out the authentication services it has recently unveiled for applications on Windows desktop computers as well as those on mobile devices using the Android and iOS platforms. The company's services could greatly affect users who don't want to be locked out of their accounts as well as enterprises that want to safeguard vital information from unauthorized access, the report said.
Nok Nok was founded in 2011 and is one of the founding members of FIDO Alliance which is a non-profit organization established in 2012 to find solutions to the problems brought about by relying only on simple usernames and passwords, the report said.
According to its website, Nok Nok's solutions will reduce or eliminate the reliance of usernames and passwords that are a security threat for online transactions. "The adoption of cloud computing and the mobile device ecosystem requires the ability to move beyond the user-password paradigm of the past and Nok Nok Labs brings an innovative solution to that problem," the company said.
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