Cybersecurity startup exits stealth mode to address identity and credential compromise
SOMERSET, N.J.–(BUSINESS WIRE)–February 16, 2021–
1Kosmos, the only cybersecurity solution to provide digital identity proofing and passwordless authentication, announced a $15 million investment from ForgePoint Capital, the premier venture investor for early-stage cybersecurity companies. With the closing of this funding round, 1Kosmos comes out of stealth mode to offer a unique security platform that brings the highest identity and authentication assurance levels through advanced biometrics and a private blockchain ecosystem. Led by CEO Hemen Vimadalal, CTO Rohan Pinto and CSO Mike Engle, 1Kosmos’ family of products-BlockID Verify, BlockID Workforce and BlockID Customer-delivers unmatched security for enterprises and individuals.
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“At ForgePoint, our goal is to build the next generation of companies that protect the digital world,” said Alberto Yépez, founding partner at ForgePoint Capital and 1Kosmos board member. “1Kosmos provides an integrated offering to enable organizations to drive their digital transformation by managing identities in a distributed environment. We are excited to partner with the 1Kosmos team given their track record of success and their differentiated standards-based offering with a solid architecture approach. They will transform the way the industry views digital identities and authentication.”
In addition to securing funding, which will be used to accelerate the company’s growth and product roadmap, 1Kosmos has assembled an advisory board that brings together top professionals in the cybersecurity industry. With decades of combined experience working for industry-leading organizations such as Booz Allen, the National Security Agency, Barclays and more, 1Kosmos’ advisory board members include:
- Mike McConnell, Chairman of the Board and Vice-Chairman at Booz Allen, Former Director of NSA, Department of National Intelligence, US Navy
- Art Money, Former Assistant Secretary of Defense for Command, Control, Communications and Intelligence, Former CIO Department of Defense, Airforce
- Kirstjen Nielsen, Former U.S. Secretary of Homeland Security
- Kemp Ensor, Former Director of Security and Counterintelligence at the NSA
- Patrick Gorman, Executive Vice President of Booz Allen
- Bob Rose, Advisor to the NSA, Secret Service, and NSA and ODNI
- Chris Perry, President of Broadridge Financial Solutions, Inc.
- Peter Carroll, Partner at Oliver Wyman
- Ramin Safai, CISO & CTO of Jeffries
- Jim Ducharme, General Manager, Anti-Fraud Business Unit at RSA Security
- Dan Lohrmann, Chief Strategist & CSO at Security Mentor, Inc.
- Alberto Yépez, Founding Partner at ForgePoint Capital
“Research has shown that 81% of data breaches are caused by identity & credential compromises,” said Hemen Vimadalal, CEO of 1Kosmos. “With the help of our expert advisory board and investment from ForgePoint, we are able to make this an issue of the past for all – saving companies and individuals the time, money and hassle associated with outdated security. We are here to solve a 60-year-old digital identity and credential problem in less than 60 minutes.”
Developed by an executive team with deep roots in cybersecurity and whose experience includes senior roles at Simeio, Sun, Oracle, Vaau, Lehman Brothers and Saviynt, 1Kosmos’ BlockID products go beyond all passwordless solutions on the market by bringing decentralized identity to workforces and customers. The company’s indisputable ID-proofing process leverages user-uploaded identity credentials. This is backed by the use of advanced biometrics to ensure customers know for a fact who is accessing systems, applications and secure data. This eliminates the need for usernames and passwords or complex multi-factor authentication. BlockID integrates with any application, website or operating system and doesn’t require additional software or technology.
Since launching, 1Kosmos has already developed a robust portfolio of partners and clients including Verizon, Hitachi and RSA Security. To learn more about 1Kosmos, visit www.1kosmos.com.
1Kosmos is the world’s only cybersecurity solution that combines indisputable digital identity proofing with advanced biometric and passwordless authentication while storing user data encrypted in a private, permissioned blockchain. Its flagship solution, BlockID, offers the highest level of identity and authentication assurance in the market for the workforce and customers. The company is headquartered in Somerset, New Jersey, with development offices in Mumbai, India. For more information, visit www.1kosmos.com.
About ForgePoint Capital
ForgePoint Capital is the premier cybersecurity venture fund investing in transformative companies protecting the digital world. The firm is one of the most prolific investors in early and growth-stage cybersecurity companies with over 40 global cybersecurity investments. The team brings more than eight decades of company building, value creation experience and draws upon the largest network of trusted cybersecurity industry experts and customers to support entrepreneurs who are building great companies. Based in the San Francisco Bay Area, the firm partners with exceptional cybersecurity entrepreneurs worldwide. For more information, please visit www.forgepointcap.com or follow us @ForgePointCap.
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