Token Secures $30 Million in Funding To Introduce Its Advanced Multifactor Authentication Solution to the Market

Token is a groundbreaking provider of secure, wearable authentication solutions designed to be the most outstanding user convenience for the ultimate protection against ransomware and data breaches. The company has been making waves in the tech industry for its innovative approach to security. It recently announced a $30 million investment by Grand Oaks Capital to support its product development and strategic growth objectives.

Token was founded to create a more secure and convenient way for people to authenticate their identity. The company’s founders set out to create a wearable device that could be used for authentication in a variety of contexts. The result of their efforts is the Token Ring, a sleek and stylish wearable device that fits on your finger and uses biometric data to authenticate your identity. The Token Ring contains a fingerprint sensor and a secure element that stores your personal information, including passwords and payment information. When you need to authenticate yourself, you touch the fingerprint sensor on the Ring, which communicates with your device to confirm your identity.

“People are the leading cause of data breaches, and you see this play out almost daily as new ransomware attacks are revealed to have been caused by the human failings inherent in legacy MFA,” said Token CEO John Gunn. “Our product is engineered to be implemented in just hours and can be set up by end-users in minutes to help CISOs and sysadmins quickly address this issue.”

By eliminating the drawbacks and weaknesses of obsolete authentication techniques like passwords and SMS passcodes, Token Ring assists in avoiding ransomware, data breaches, and data manipulation attacks. Including a fingerprint sensor in Token Ring ensures that only authorized users can access it, preventing any unauthorized usage. Additionally, Token Ring’s simple gesture-based operation allows users to enjoy the benefits of passwordless login support and MFA in a single step.

The Token Ring has already garnered significant attention from the tech industry. However, the recent announcement of a $30 million investment by Grand Oaks Capital is an important milestone for the company. The investment will enable Token to accelerate its product development and expand its reach in the market.

With the additional funding, Token plans to release new versions of its Ring that are even more secure and versatile than the current model. The company is also exploring new partnerships with other tech companies and financial institutions to bring its technology to even more users.

The investment from Grand Oaks Capital is a testament to the potential of Token’s technology and the company’s vision for the future of authentication. As more and more aspects of our lives move online, the need for secure and convenient authentication solutions will only continue to grow. Token is well-positioned to meet this demand and revolutionize how we authenticate our identities.

“Token checks all the boxes of a great investment for Grand Oaks – a large addressable market and a disruptive technology – which makes continued investment an easy decision for us,” said Grand Oaks Capital Chief Investment Officer David Bovenzi. “We have also seen great strides made by the Token team in addressing market needs, which is why we are confident in investing additional working capital to accelerate the company’s growth.”

Token has managed to fit an impressive amount of technology into a compact space. Through the use of high-density laser-etched circuit boards, wafer-level chip packaging, and a well-designed layout, the company has been able to fit 83 components and three antennas into a mere 0.25 cc. Additionally, Token has implemented an advanced power management system that operates three microprocessors, three independent sensors, and two energy-efficient radios to provide up to 20 hours of battery life. 

The platform’s design prioritizes security and includes a Secure Element that has been certified to EAL-5 standards and a capacitive touch fingerprint sensor that boasts 508 dpi resolution, delivering authentication on par with that of a bank.

Steven Bowcut is an award-winning journalist covering cyber and physical security. He is an editor and writer for Brilliance Security Magazine as well as other security and non-security online publications. Follow and connect with Steve on Twitter, Instagram, and LinkedIn.