tru.ID secures £3m seed investment from Episode 1, MMC Ventures and NHN Ventures to expand its mobile authentication platform.
Episode 1, MMC Ventures and NHN Ventures backed the mobile authentication platform as it exits stealth mode.
tru.ID operates a passwordless authentication platform that uses SIM card cryptography to provide secure digital identity tools. The company delivers its technology through an API-based software service across multiple international markets.
Mobile authentication platform tru.ID has exited stealth mode with £3m in seed financing from Episode 1, MMC Ventures and NHN Ventures. The company provides an API platform enabling developers to deploy secure, passwordless authentication using SIM card cryptography. tru.ID operates in five markets and will deploy the capital to scale its geographic reach and support growth.
Investor perspective
"Digital identity is an important investment theme for us and the key to unlocking the next leg of growth for the digital economy. The kind of frictionless authentication the founders have delivered is pretty close to magic. When a team, an idea and a solution come together at the same time – that’s what being a VC is all about"
Paul McNabb
Managing Partner, Episode1
Use of funds
- 01Expand into international markets
- 02Scale operations
