Token Closes $30 Million Financing to Bring its Next-Generation Multifactor Authentication Solution to Market
By Token | 2 minute read
ROCHESTER, N.Y.--(BUSINESS WIRE)--Token, a revolutionary provider of secure, wearable authentication solutions, today announced a $30 million financing raise to support the company’s product development and strategic growth objectives.
Grand Oaks’ financing comes in the form of a $20M secured note, and a $10M convertible note, to provide financing for inventory and working capital funding to support the company’s overall growth and future product development.
Phishing and ransomware attacks continue to increase and are forecast to become more effective and damaging with the introduction of artificial intelligence. Token’s next-generation MFA solution is an easy-to-implement, passwordless, FIDO 2-compliant, biometric wearable that stops phishing attacks and data breaches. The Token smart ring is the only authentication device that solves the vulnerabilities in BYOD approaches and legacy MFA products, and has already won five industry awards for innovation and security.
“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.”
“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.”
In a world of stolen identities and compromised user credentials, Token is changing the way our customers secure their organizations by providing passwordless, biometric, multifactor authentication. We deliver the next generation of multifactor authentication that is invulnerable to social engineering, malware, and tampering for organizations where breaches, data loss, and ransomware must be prevented.
About Grand Oaks Capital
Grand Oaks Capital is both a private equity and venture capital firm founded by Paychex founder and billionaire philanthropist B. Thomas Golisano to bring great ideas to fruition. Grand Oaks’ $1B portfolio contains a diverse mix of companies and provides seed and early-stage financing across a wide range of sectors, in particular technology. Grand Oaks Capital continues to invest in founders and their audacious ideas to grow the next generation of industry leaders.