• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

‘Magic’ Authentication Startup Nets $27M in VC Funding

August 3, 2021

'Magic' Authentication Startup Nets $27M in VC Funding

San Francisco-based startup Magic has become the latest post-password authentication specialist to rake in some serious VC funding. The company has raised $27 million in a Series A funding round.

As VentureBeat reports, that funding complements an initial $4 million in seed funding, which the company raised before rebranding from its previous moniker, “Fortmatic”. The latest funding round was led by Northzone, and featured a few high-profile individual investors including Reddit co-founder (and spouse of tennis champion Serena Williams) Alexis Ohanian, and YouTube personality Casey Neistat.

The company was co-founded by Sean Li, who now serves as CEO; former Yelp software developer Arthur Jen; and Jaemin Jin, who had been a developer for Amazon, Apple, and Uber. Its platform offers a range of passwordless authentication options, and is being pitched primarily on the basis of the ease with which it can be implemented by client organizations on an economical, scaling basis.

Magic offers an SDK that lets clients implement its authentication solution “with a few lines of code”, as the company explains on its website; and costs start at $0.0085 per login, and cap at $0.034 per user on a monthly basis.

As for the authentication options themselves, Magic emphasizes the use of key-based cryptography, and a decentralized approach. So-called “magic links” can be used to let end users login through a link sent via email, and the platform also supports the WebAuthn standard, enabling the use of FIDO2 security keys and biometric authentication. OAuth is supported for login via social media, and SMS codes can also be employed for authentication.

The Series A raise reflects a broader appetite among venture capital investors for post-password security solutions. For its part, Magic said in a blog post that the funding will help the company to “double down on empowering developers and future-proofing our technology”, adding later that Magic is looking to hire additional staff “across the board”, with open roles in a number of areas including engineering and marketing.

Sources: VentureBeat, Magic

–

(Originally posted on Mobile ID World)

Related News

  • Passwordless Authentication Specialist Raises $543M in Series APasswordless Authentication Specialist Raises $543M in Series A
  • Mobile-based Biometric Authentication Startup Raises $6.2MMobile-based Biometric Authentication Startup Raises $6.2M
  • Colombia-based Truora Raises $15 Million With WhatsApp-based Onboarding PlatformColombia-based Truora Raises $15 Million With WhatsApp-based Onboarding Platform
  • Gartner Shares Roadmap for Passwordless AuthenticationGartner Shares Roadmap for Passwordless Authentication
  • Passage Launches Beta Version of New Passwordless Authentication PlatformPassage Launches Beta Version of New Passwordless Authentication Platform
  • Auth0 Report Finds Government Agencies Worried About CybersecurityAuth0 Report Finds Government Agencies Worried About Cybersecurity

Filed Under: News Tagged With: authentication, Biometric, biometrics, Magic, magic links, passwordless authentication, series A funding, Series A funding rounds, SMS, VC funding, WebAuthn

Primary Sidebar

Want To Deploy Biometric Access? Download This First:

The resources in this bundle will give you the know-how to choose the right biometric access for your organization.

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

TECH5 logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

With its secunet border gears product portfolio and specialised consulting expertise, secunet supports police forces and security authorities in their sovereign tasks. Whether ABC gates, self-service kiosks or biometric middleware – each component helps to strengthen identity protection and to accelerate verification – in mobile and stationary scenarios.

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • Highlighting Biometric Security, NC DMV Head Pushes for Mobile Driver’s License
  • NY Attorney General Takes Aim at Madison Square Garden: Identity News Digest
  • [New Sponsors Announced] Feb 15 Virtual Summit Sessions Announced: Digital ID in Healthcare, Financial Services, Travel
  • After 250% Revenue Spike, São Paulo Onboarding Startup Goes Global
  • In Pursuit of Digital ID: Identity News Digest

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 FindBiometrics