This new investment increased the funding raised so far to $17 million in total. The company said they intend to accelerate the development of their M-Pin Strong Authentication Platform, a platform they bill as the first software-based multi-format authentication platform that replaces password-based authentication without the need for third-party authentication devices.
The company further states that they intend to use the new funding also for business-development and marketing purposes, particularly for efforts to build partnerships with cloud-service providers, OEM manufacturers, mobile-service operators, and ISVs. The company told TechCrunch that they currently have more than 100 customers, including brands such as Parallels, Bosch, Dematic, Intel, and USAF.
CertiVox aims to replace outdated password-authentication systems and offers M-Pin, a login system that allows users to sign in to sites using a 4-digit PIN number instead of the typical username and password. The system operates so that none of the end-user’s personal information is saved on the CertiVox servers, ostensibly ensuring that it cannot be compromised in the event of a security breach. Further, the service claims an advantage in that it does not require the user to download or make a purchase. As long as the user has a HTML5-capable browser, the service should work without issue.
NTT DOCOMO Ventures is a Japanese venture fund which was created in 2008 and acts as the investment arm of NTT DOCOMO, Japan’s largest mobile-service provider, and Octopus Investments is a UK-based investment firm which has previously backed startups like Swiftkey and Lithuanian-founded Yplan. Octopus previously joined with Scottish Pentech Ventures to invest $1.5 million in CertiVox in March 2011 and another 1.5 million Pounds in a Series A round later that same year. In March 2010, CertiVox obtained $250K in seed funding from SP Acquisition Holdings.