Berlin-based adesso Ventures, the venture capital division of adesso Group, announced on Monday that it has invested a single-digit million figure in Hanko, a passkey startup.
With this investment, the German VC joins forces with existing investors High-Tech Gründerfonds, Smart Infrastructure Ventures, PAYONE founders Carl Frederic Zitscher and Jan Kanieß, as well as Intershop co-founder Roland Fassauer.
Based out of Kiel, Germany, Hanko introduces passkeys, a cutting-edge approach to signing in to apps, accounts, and websites, thereby eliminating the needs for passwords.
Passkeys are the future
Passkeys are considered the authentication method of the future, claims Hanko.
They use 2-factor authentication, which combines biometric features (fingerprints, facial recognition) and proof-of-possession (mobile phone, hardware token).
As a result, this technology eliminates cumbersome and risky passwords. Passkey adoption is steadily increasing, with Google even announcing in May of this year that passkeys can now be utilised to log into Google accounts.
Hanko: Specialising in login and authentication solutions
Founded by Felix Magedanz, Hanko specialises in login and authentication solutions. This includes passkeys, passcodes, FIDO Security Keys, mobile app biometrics, and OAuth login.
The German company offers an open-source solution that is highly developer-friendly and can be seamlessly integrated within minutes.
As a member of the FIDO Alliance, an industry association dedicated to authentication standards, Hanko collaborates with esteemed organisations such as the German Federal Office for Information Security (BSI), Google, and Apple.
“In adesso ventures, we have found an investor that is a perfect fit for us for many reasons,” says Felix Magedanz, founder, and CEO of Hanko. “adesso is an established player in the IT business. It is considered a technology pioneer and also boasts a high-calibre customer base and an excellent partner network including tech companies such as Google, Microsoft, and AWS. Together, we can take passkeys technology to the next level.”
adesso ventures: Focus on early-stage B2B startups
adesso ventures is the venture capital arm of the adesso Group focusing on early-stage B2B startups.
In addition to financial resources, adesso ventures bring in the strength of the adesso Group and support startups with development capacities as well as market access.
The portfolio of adesso ventures currently comprises 14 startups and covers various verticals, such as cyber security, health, and sports, among others.
“We are constantly scanning the startup scene for interesting companies that are still at an early stage,” says Malte Unger, Managing Director at adesso ventures GmbH.
“Our focus is on promising European tech start-ups that are deeply integrated into relevant industries. The strong team and the promising solution are turning the vision of a passwordless internet into reality,” he adds.