Identity-based authentication startup grows revenue 400%, adds key executives, extends product suite, and gains industry’s first NIST 800-63-3/FIDO2 certifications
1Kosmos, the only cybersecurity solution to provide identity proofing and passwordless authentication, announced continued business growth following its exit from stealth mode in February. This comes on the heels of a new brand identity and website relaunch earlier this month, effectively elevating the company’s mission to provide individuals with a secure digital identity that provides control of their credentials, and enables service providers to use it with consent to fight identity fraud.
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“Hitachi Systems Micro Clinic has always been a pioneer in promoting emerging technology and this was one of the key reasons we partnered with 1Kosmos. The company addresses a long-standing problem of password-based authentication through its digital identity platform”
“We are at an inflection point in the IAM industry where businesses are moving away from password-based authentication to identity-based authentication. Gartner predicts the future of identity protection will revolve around a true global, portable, and decentralized standard and will address B2B and B2C use cases,” said Hemen Vimadalal, CEO and founder of 1Kosmos. “We offer the only standards-certified solution that can eliminate password-based vulnerabilities and enable CISOs to regain control of their IT networks from anonymous users hiding behind compromised credentials. Our new brand comes at a time when businesses, consumers, and governments are demanding improved security in the wake of continuous data breaches and ransomware attacks. We’re proud to be the leaders shaping the narrative and driving innovation for the emerging identity-based authentication market.”
1Kosmos launched earlier this year with $15 million in funding from ForgePoint Capital to further develop its passwordless solutions, and has since developed a robust portfolio of partners and clients including Verizon, Hitachi, and RSA Security.
“Hitachi Systems Micro Clinic has always been a pioneer in promoting emerging technology and this was one of the key reasons we partnered with 1Kosmos. The company addresses a long-standing problem of password-based authentication through its digital identity platform,” said Anuj Gupta, MD and CEO, Hitachi Systems Micro Clinic. “Since our partnership began, our customers have shown a keen interest in learning about the future of identity-based authentication. Users are asking for next-gen MFA solutions and I believe we will continue to grow our collaboration in South East Asia as we educate the market on this critical technology.”
With its award-winning suite of products – BlockID Verify, BlockID Workforce, and BlockID Customer – 1Kosmos delivers unmatched identity-based authentication for enterprises and ease of use for individuals. The company became the industry’s first digital identity solution to earn the Full Service class of approval from the Kantara Initiative for NIST SP 800-63 rev.3 at assurance levels IAL2 and AAL2. The 1Kosmos Block ID platform also boasts certification for FIDO2 and complies with W3C, WebAuthn, and GDPR.
The company recently expanded its product offerings with a Passwordless Identity Package and App-less Authentication solution, both of which enable organizations to drive digital transformation and rapid user adoption.
1Kosmos has received multiple industry recognitions, including mention in Gartner’s 2021 Hype Cycles for Identity and Access Management, Blockchain, Privacy, Emerging Technology, and Digital Government Technology. It also received praise from KuppingerCole for outstanding user-centricity in their Market Compass: Providers of Verified Identity, and achieved Best in Class status from Aite Group in the Passwordless Authentication Matrix.
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As the leader in passwordless solutions, 1Kosmos expanded its workforce by 70% this year, including the strategic executive additions of Kevin Brown as Chief Revenue Officer, Michael Cichon as Chief Marketing Officer, Rich Hlavka as SVP of Business Development and Strategic Alliances, and Javed Shah as VP of Product Management. All of the company’s leaders and advisory board members have deep roots in cybersecurity, bringing experience from senior roles at Splunk, ForgeRock, Simeio, ThreatMetrix, Sun, Oracle, Vaau, the National Security Agency (NSA), and Homeland Security (DHS), among others.
“1Kosmos fills a significant void in the market with its identity-based authentication solutions,” said Alberto Yépez, founding partner at ForgePoint Capital and 1Kosmos board member. “Since the start, they have been changing the conversation around identity and access management with an identity-first, standards-based approach to authenticate workers, customers, and citizens in a single platform, providing security without compromising privacy. We see businesses across industries at a critical crossroads to secure their networks from bad actors using digital identity and 1Kosmos is an early leader addressing this need.”
1Kosmos products go beyond all passwordless solutions on the market by bringing a distributed digital identity platform that supports business-to-employee and business-to-consumer services. BlockID easily integrates with existing operating systems, applications, and IT security infrastructure to perform strong, verified identity-based authentication and eliminates the need for passwords, one-time codes, and more. By simplifying identity infrastructure, 1Kosmos drives both cost savings and user convenience while securing businesses and individuals from the harm and inconvenience of identity fraud.
