Authlo, the platform that helps consumers and businesses authenticate in the cloud, has raised initial pre-seed capital. This funding comes at a perfect time, since Identity Theft and fraud has skyrocketed in the last year.
Founded in 2021, Authlo’s patent pending technology helps reduce risk from identity fraud, phishing scams and hackers from stealing data (data breach). In addition, using adaptive authentication, the app evaluates authentication risk based on numerous factors – which can help reduce fraud.
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According to MarketsandMarkets, the IAM market is projected to grow from USD 12.3 billion in 2020 to USD 24.1 billion by 2025. According to recent data from the FTC Consumer Sentinel Network, reports of Identity Theft increased 85% from Q1 2019 to Q1 2021.
“Our focus from day one has been on leveling the playing field for consumers and companies to have access to simple authentication tools and systems,” said Authlo Founder and CEO Eric Walker. “Ease of use, simplicity in design and practicality for everyday use are key advantages for today’s identity and access management systems. Organizations can’t wait months to offer protection to employees and customers. Consumers are demanding protection and accountability. Authlo is focused on delivering quality technology for both business and consumers – quickly and at an affordable price point.”
Authlo has provisionally patented the engine which powers the system. That logic engine will be included in the product for free. Additionally, Authlo plans to launch with secure messaging, free and premium options, a powerful adaptive authentication engine, and insights that track access requests from a dashboard for additional visibility.
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“Authlo is designed to be intuitive, fast and easy to use. Our team has evaluated different use cases for the product, and created a system that works at scale and helps the everyday user incorporate security without sacrificing connection with the customer. It’s lightweight, but powerful – something that the market has been in need of for a while,” said company advisor Gustavo Bellino.
Authlo is currently growing an interested network of equity partners for its initial round of seed funding, with plans to close a larger raise in November. The anticipated round of funding will support expansion and hiring, product development, and building key API components, analytics, and security system integrations.
Authlo’s patent-pending technology helps consumers and businesses reduce fraud. Authlo is the fastest way for organizations to start using MFA using a multi-factor authentication (MFA) protocol (something you have) and (something you know). Using the Cloud, facial recognition technology and machine learning, Authlo is the only company which removes risk by adding additional security, while removing the burden of security compliance and data management.