Cybersecurity startup exits stealth mode to address identity and credential compromise
MUMBAI, INDIA and SOMERSET, N.J. – (February 17, 2021) – 1Kosmos, a Mumbai-based cybersecurity firm providing digital identity proofing and passwordless authentication for workforce and customers, announced an INR 110 Crores 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 include BlockID Verify, BlockID Workforce and BlockID Customer that delivers unmatched security for enterprises and individuals.
“Research has shown that 81% of data breaches are caused by identity and credential compromises,” said Hemen. “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to make this an issue of the past for all, saving companies and individuals the time, money and hassle associated with outdated security.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.”
“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. “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.” With this funding round, Alberto Yépez joins the 1Kosmos Board of Directors.
Led by Hemen Vimadalal, serial entrepreneur and investor, 1Kosmos, has already developed a robust portfolio of partners and clients including Verizon, Hitachi and RSA Security. In India, 1Kosmos has an enviable roster of clients primarily from the banking and financial services sector including IndoStar Capital, 63Moons, Hitachi, BYJU’s, Bajaj Electrical, to name a few.
1Kosmos is Hemen’s third entrepreneurial venture having founded and successfully exited multiple startups with over INR 10,000 Crores in valuation. Hemen is known for building products that solve real problems focusing on cybersecurity. Hemen is also an active investor, board member of companies that are driving digital transformation and cybersecurity including Simeio, Securonix, Saviynt, Brinqa, Blue Lava etc.
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 Jefferies
● Jim Ducharme, General Manager, Anti-Fraud Business Unit at RSA Security
● Dan Lohrmann, Chief Strategist & CSO at Security Mentor, Inc.
Developed by an executive team with deep roots in cybersecurity, 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. This is backed by the use of advanced biometrics to ensure customers know for a fact who is accessing systems and also eliminating 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.
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. Mumbai, India is the company’s Asia-Pacific headquarters and development offices, with some of the founding teams based out of Mumbai and its global headquarter is in Somerset, New Jersey. 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.
Source: Business World