ShoCard, a blockchain-based identity management system, has raised $4 million in a new funding round led by existing investors, Morado and AME Cloud Ventures.
The funding round also drew support from Storm Ventures, Danhua Capital, Correlation Ventures, Recruit Strategic Partners and Robert Tinker, founder and former CEO of MobileIron. It brings ShoCard’s total funding to $5.5 million.
In addition to the funding, the company also announced a new enterprise solution, ShoBadge. The new product eliminates the need for usernames and passwords within the enterprise to authorize network and data access, instead of using a blockchain-based digital identity verification and authentication process.
"Eliminating usernames and passwords at the enterprise level will close the security gap in organizations' cyber defenses. Large databases filled with this sensitive information will no longer be necessary, and weak passwords, easily exploited by hackers, will no longer exist," said Armin Ebrahimi, founder and CEO of ShoCard. "ShoBadge will use the ShoCard verification, enrollment and authentication tools that leverage mobile devices along with the blockchain as the next generation of identity management, offering CIOs and CISOs a consolidated approach and more secure identity management for their enterprise."
ShoCard pointed out that the core benefit of the new solution is its ability to be extended to secure the enterprise's entire ecosystem. Beyond employee identity management, partners, sales channels, contractors and customers who need to access the company's systems can use ShoBadge to verify their identities as well, cutting out potentially vulnerable third party security systems. ShoBadge also exists as a complementary solution to existing single sign-on (SSO) systems, and seamlessly integrates into solutions, such as Okta and Azure Active Directory, for easy product deployment and minimal system disruption.
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