Local cybersecurity company Allthenticate raises “elite” ($3,133,337) seed round to free the world from passwords and key fobs

Local cybersecurity company Allthenticate raises “elite” ($3,133,337) seed round to free the world from passwords and key fobs
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Source: Allthenticate

Allthenticate, a unified authentication and access control company, announces its seed funding of $3,133,337, “elite” in hacker speak, led by Silverton Partners with participation from Amplify and Ping Identity.

Allthenticate’s mission is to make security products that are fun, easy to use, and ridiculously secure. Its current services let organizations use their smartphones to unlock and log in to everything: doors, computers, websites, and servers. Allthenticate helps organizations upgrade their security infrastructures while reducing management overhead, increasing visibility into their organization, and letting them build highly-customized security policies. These policies can be made as user-friendly as possible without compromising security – doors unlock as you walk up to them, computers unlock by simply pressing [Enter], and websites login automatically based on the proximity of the phone. Only in security-critical instances will users be prompted for a secure biometric or a PIN, as determined by its users.

Dr. Chad Spensky, founder and CEO, said “The Internet desperately needs an authentication overhaul. Our current ecosystem is cumbersome, limits innovation, and has numerous security shortcomings. I have dedicated my career to this problem and feel very fortunate to have the support to continue to develop our technology and bring it to the masses.The feedback from our early customers has been incredibly positive, which is only compounding the excitement here at Allthenticate.”

Allthenticate has taken an exclusive license from MIT to the core technology, originally developed for the Department of Defense by Chad and his team during their tenure at MIT Lincoln Laboratory. Allthenticate’s fully-distributed architecture is unique in the authentication industry. The system was meticulously designed to remove any single points of failure and to distribute trust across the ecosystem. Each user is in full control of their cryptographic keys, which are securely stored in their phone’s hardware, and each organization controls their own small piece of the network. This design allows Allthenticate’s technology to scale without putting the world’s infrastructure at risk of a cyberattack and without compromising users' privacy.

Silverton’s managing partner, Morgan Flager, announced "Silverton has a long history of working with leaders who have pushed boundaries in identity, governance, and access management. Upon meeting Chad and Rita, we recognized Allthenticate's technology as having the potential to be paradigm-shifting for the industry. What the team has accomplished with modest financial resources to date is impressive. We are excited and honored to partner with Allthenticate to accelerate our shared vision of creating a safer and more secure world without passwords."

"We're excited to support the Allthenticate team in their mission to accelerate a truly passwordless future, and what that means for the opportunity to improve and modernize the security stack for enterprises everywhere. Companies use a range of products and often staple together solutions across password management, authentication, and access — Allthenticate creates a seamless command center for all of this," declared Connor Sundberg from Amplify.

The new funding will help expand engineering efforts and commercial operations, as well as establishing strategic partnerships and integrations.

About Allthenticate:
Allthenticate provides an all-in-one authentication and access-control solution that lets organizations eliminate passwords and key fobs by replacing them with secure credentials stored on their smartphones. Our Allthenticator app lets users unlock doors, log in to computers, sign in to websites, and store their SSH keys. Meanwhile, our flexible security architecture ensures that this is always done in the easiest and most secure way possible. Similarly, our access control solution augments any physical door in minutes without the need for long cable runs, controller boards, or cluttering your walls. For more information about how we are freeing the world from its authentication burdens and spreading joy, please visit: www.allthenticate.com.

About Silverton Partners:
The Silverton team partners with entrepreneurs who are dedicated to tackling growth markets and building lasting companies. In partnering with Silverton, companies benefit from its vast network and expertise from decades of growing and investing in successful businesses. Founded in 2006, Silverton Partners is based in Austin, TX, and was the initial institutional investor for Sailpoint, WP Engine, TrendKite, TurnKey Vacation Rentals, The Zebra, AlertMedia, SpyCloud, Self Financial, and Wheel among others. For more information, visit www.silvertonpartners.com.

About Amplify LA:
Amplify is a first-check fund, focused on supporting ambitious technical and product teams from the very earliest stages. We work with teams from idea through to exit, and often far beyond, with a mission to help build generational technology companies. For more information, please visit www.amplify.la.

About Ping Identity:
At Ping Identity, we believe in making digital experiences both secure and seamless for all users, without compromise. That’s digital freedom. We let enterprises combine our best-in-class identity solutions with third-party services they already use to remove passwords, prevent fraud, support Zero Trust, or anything in between. This can be accomplished through a simple drag-and-drop canvas. That’s why more than half of the Fortune 100 choose Ping Identity to protect digital interactions from their users while making experiences frictionless. Learn more at www.pingidentity.com.

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