London-based mobile authentication platform, tru.ID has exited its stealth phase and announced that it has raised £3M (approx €3.45M) in a fresh round of funding from investors including Episode 1, MMC Ventures, and NHN Ventures.
Pain point as per tru.ID
“The traditional methods don’t work in today’s mobile-first world, offering poor user experience and creating security weaknesses. The industry has been trying to replace passwords for years but has failed to find a universal solution. Now, the answer is here, combining the ubiquity of the mobile phone with the cryptographic security of the SIM card,” mentions the company in the press release.