Uniqkey has raised €5.35 million (~$5.9 million) from BackingMinds for its business password management programs.
With the announcement today, European cybersecurity firm Uniqkey has raised €5.35 million (~$5.9 million) in a fresh funding round, bringing its total fundraising to €15.35 million (~$17 million). With additional backing from angel investors, Swedish venture capital firm BackingMinds spearheaded the latest round of funding. The Copenhagen, Denmark-based firm was established in 2017 with the goal of securing and streamlining employee access to resources by employing cutting-edge encryption to safeguard credentials and vital systems.
To encourage the use of strong passwords that employees do not have to remember, the company offers continuous authentication, credential autofill, and the same login experience across mobile, desktop, and cloud services. In order to facilitate safe collaboration, Uniqkey’s solution additionally supports multi-factor authentication, password sharing within the company, and access control. The company also aims to educate employees to increase cybersecurity awareness. Additionally, organizations can monitor and manage employees’ access to logins and other assets, organize logins into purpose-specific groups, manage access to sensitive information, and monitor and manage services employees have registered accounts for using their work email accounts.
With 50 workers as of right now, Uniqkey provides services to more than 500 enterprises in Europe. With this additional capital, the company plans to expand its technology to serve a larger number of organizations, primarily small and medium-sized enterprises (SMBs). We currently provide cyber security protection to more than 500 SMEs around Europe, and throughout the last two years, our cyber security solution has experienced 100% YoY growth. We are drawn to the market and wish to continue making investments in expansion and new products. Hakan Yagci, the founder and CEO of Uniqkey, stated, “With the investment, we invest in continued growth and keep up with the latest safety standards.”
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