Passwordless authentication startup Descope lands whopping $53M seed round

News Summary

  • While at Demisto, the team says that they experienced the pain of building authentication and user management functionality — including password management, single sign-on, tenant management and roles and permissions — firsthand.
  • Authentication and user management are critical parts of any digital application.”It’s a tough time to launch a startup regardless, what with less access to capital and uncertainty around the wider economic landscape.
  • “It helps apps accelerate their time to market, increase the efficiency of their engineering resources, reduce user friction and prevent a wide variety of identity-based cyberattacks.”Why the large cash infusion — particularly large for a seed round — in a dev-focused startup, you might ask?
  • “The proliferation of cybersecurity attacks due to poor identity and authentication practices such as credential stuffing, bot attacks, session hijacking, brute force attacks and other types of password compromise.
  • The next step, Markovich argues, is enabling developers to easily add passwordless authentication methods alongside others such as social logins, one-time passwords and magic links to their apps.There’s demand to be sure.
  • Over 66% of smartphone users are expected to use device-native biometrics instead of passwords by 2024, he noted, citing data from Mercator, while authentication protocols like FIDO2, WebAuthn and passkeys have set the foundation for a passwordless future.
Capital might be harder to come by than it once was in startup land, but some firms are bucking the trend hard. Take Descope, for example, which today announced that it raised a whopping $53 millio [+5698 chars]