Dutch-based MindYourPass bags funds; aims to eliminate the need to create & remember difficult passwords

Eindhoven-based MindYourPass, a provider of password management and digital security solutions, announced on Tuesday, May 23, that it has secured fresh funding from Value Creation Capital (VCC).

MindYourPass says it will use the funds to drive its growth and accelerate product development.

Merijn de Jonge, CEO of MindYourPass, says, “The investment from Value Creation Capital allows us to accelerate our growth ambitions and further strengthen our market position as a leading provider of password management and digital identity solutions.”

“We are excited to collaborate with Value Creation Capital, as they are experienced tech entrepreneurs, and we look forward to a successful partnership.”

The investor

Dutch-based VCC is a tech investor founded by a group of ICT entrepreneurs. Its primary mission is to actively promote creative and rapidly emerging technology startups in Deeptech, AI, and Cybersecurity. 

VCC increases its Security of Things Fund portfolio in the cybersecurity space with its investment in MindYourPass.

Aldebert Wiersinga, partner at VCC, says, “MindYourPass has experienced impressive growth and has developed a strong team and a unique patented technology that clearly differentiates itself from existing password managers, which have repeatedly been in the news for their vulnerabilities.”

“We are delighted to invest in the company and work together towards further growth and success.”

A software security fence for your organisation

MindYourPass mentions that it was founded on the idea that humans cannot create or remember passwords and that they are thus unnecessary. 

The company believes that the growth in the number of online accounts with associated passwords poses a security danger to individuals and organisations.

Therefore, a patented solution was created by integrating smart strategies that relieve consumers of their password difficulty and assists businesses in securing their web applications.

Founded in 2019 by Merijn de Jonge and Panja Sae-Ui, MindYourPass is a password management solution for people and organisations that combines security, convenience, and privacy in a smart way.

MindYourPass, unlike traditional password solutions, does not store passwords in a vault but rather calculates them using a formula. This eliminates the dangers associated with a vault, ensuring that passwords always satisfy the highest quality criteria without difficulty for users.

The company says it is designed according to the “privacy by design” and “security by design” concepts, and hence, does not store personally identifiable information such as the password or email address.

After registering using an email address and a “master” password, one can use the MindYourPass on-the-fly password generator to generate the password for their account each time they sign into a site.

MindYourPass can also actively implement and monitor organisational password policy, making password security measurable and manageable. This way, it delivers auditable online security.

The company claims that it is easy to implement and can be used directly on any online application.

Since its inception, the company claims to have witnessed “significant” growth and has built a reputation as a reliable cybersecurity partner. It serves customers in various sectors, including the government.