Bangaluru-based cybersecurity startup 1Kosmos on Tuesday said it raised Rs 110 crore in a Series A round from ForgePoint Capital. It plans to use the fresh capital to accelerate its growth and product roadmap.
With the closing of this round, 1Kosmos comes out of stealth mode to offer a security platform that brings identity and authentication assurance levels through advanced biometrics and a private blockchain ecosystem.
Founded by Hemen Vimadalal (CEO), Rohan Pinto (CTO), and Mike Engle (CSO), cybersecurity startup 1Kosmos provides a digital identity proofing and passwordless authentication for workforce and customers. Its family of products include BlockID Verify, BlockID Workforce, and BlockID Customer that delivers security for enterprises and individuals.
Speaking about the funding, CEO Hemen Vimadalal, said,
“Research has shown that 81 percent of data breaches are caused by identity and credential compromises. 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to make this an issue of the past for all, saving companies and individuals the time, money, and hassle associated with outdated security.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.”
“1Kosmos provides an integrated offering to enable organisations 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,” Alberto Yépez, Founding Partner at ForgePoint Capital, commented on the investment.
With this funding round, Alberto Yépez also joins the 1Kosmos Board of Directors.
The startup has assembled an advisory board that brings together top professionals in the cybersecurity sector, including Booz Allen, the National Security Agency (NSA), Barclays, Oliver Wyman, Jeffries, and more.
1Kosmos has already developed a portfolio of partners and clients, including Verizon, Hitachi, and RSA Security. In India, the Bengaluru startup has clients, primarily from the banking and financial services sector, including IndoStar Capital, 63Moons, Hitachi, BYJU’s, Bajaj Electrical, to name a few.