NEA Leads $20M Series A for UnifyID

8/1/17

UnifyID is leading the development of an implicit authentication platform that requires zero conscious user actions. The Company announced today that it has closed $20 million in Series A financing led by NEA. Its General Partners Scott Sandell and Forest Baskett will be joining UnifyID's Board. Investors Andreessen Horowitz, Stanford-StartX, and Accomplice Ventures previously invested in the company's Seed round, bringing the total invested to $23.4 million. This latest round of funding will be used to grow the team to expand enterprise trials, accelerate research and maintain the company's position as the leader in implicit authentication and behavioral biometrics.

"Our goal is seamless security: you can be yourself and the devices and services you interact with will naturally recognize you based on what makes you unique," said UnifyID founder John Whaley. "Since 2015, UnifyID has been using a combination of signal processing, optimization theory, deep learning, statistical machine learning, and computer science to solve one of the oldest and most fundamental problems in organized society: How do I know you are who you say you are?"

To date, the company has developed the first implicit authentication platform designed for online and physical world use. Named RSA's Unanimous Winner for 2017, UnifyID utilizes sensor data from everyday devices and machine learning to authenticate you based on unique factors like the way you walk, type, and sit. The company has also partnered with global corporations to assess generalizability of their software across industries.

The UnifyID solution combines over 100 different attributes to achieve 99.999% accuracy without users changing their behavior or needing specific training. The key is the proliferation of sensors combined with innovations in machine learning. UnifyID is the first product to develop neural networks to run locally on the phone to process sensor data in real-time.

"A large percentage of data breaches involve weak, default or stolen passwords, and we think passwords – as we know them – need an overhaul," said Forest Baskett, NEA General Partner. "We are excited about the world-changing potential of UnifyID's frictionless, universal authentication solution."

In the past six months, UnifyID received national attention by winning security innovation competitions at TechCrunch Disrupt, RSA, and SXSW and continued to grow its engineering, machine learning, and enterprise deployment talent. For career and partnership inquiries, learn more at https://unify.id.

ABOUT UNIFYID

Headquartered in San Francisco, UnifyID is the first implicit authentication platform. Its proprietary approach uses behavioral and environmental factors to identify users. In February of 2017, the Company was recognized as the most innovative start-up at RSA. For career and partnership inquiries, learn more at https://unify.id.

ABOUT NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With over $19 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 210 portfolio company IPOs and more than 360 acquisitions. For additional information, visit www.nea.com.

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