Tera Ventures invests in SecfenseMarch 30, 2022
Passwordless future: Secfense raises $2 million from Tera VC, Presto Ventures, RKKVC
KRAKÓW, Poland, March 24, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Secfense raised $2 million from Tera VC, Presto Ventures and RKKVC. The company mission is eradicating password-related attacks and helping organizations transition into a passwordless future. Secfense achieves that by introducing strong authentication within entire organizations and protecting all systems and apps without a single line of code. The money will be used to build a position on foreign markets, especially in the U.K. and U.S.
Experts from VC funds and business angels understand the importance of the cybersecurity industry today. This is why they see potential in the User Access Security Broker (UASB) technology developed by Secfense. The international syndicate included business angels, one of which is Mark Schuster from UiPath; Bartosz Dobrzyński, former P4 board member; and Elżbieta Kozera, who plays a big role in expanding Polish companies in the USA.
“There are plenty of multifactor authentication (MFA) solutions on the market, but so far no one has proposed a good way to introduce them to many applications and systems in a fast and easy way,” says Tomasz Kowalski, CEO of Secfense. “We did it. Investors have noticed our broker is a solution that addresses some of the biggest security concerns of large organizations. Secfense spreads an invisible protective layer across entire organizations and spreads MFA on top of all systems and applications. MFA is introduced quickly with zero integration costs and no burden to end-users.”
It was a priority for Secfense to seek investors who can offer not only capital but also knowledge, contacts and support in the strategy of entering new markets.
“One of the biggest challenges the world faces today is securing our identity online,” says Stanislav Ivanov, founding partner at Tera Ventures. “That’s why we were so keen to have Secfense in our portfolio. They make it possible to introduce MFA in an automated way. Until now, organizations had to selectively protect applications because the deployment of new technology was very hard or even impossible. With Secfense, the implementation of MFA is no longer a problem.”
The value of UASB has been appreciated by the cybersec experts of BNP Paribas bank. Among Secfense’s clients are also Findia Group, PKP Intercity and organizations from the government sector.
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The EstFund is an initiative created by cooperation between the Republic of Estonia and the European Investment Fund and financed under European Structural and Investment Funds.