Uniken will use funds raised from strategic North American family office to accelerate global expansion plans for REL-ID, its security platform.
Customer-centric cybersecurity startup Uniken earlier this month raised $10 million funding led by a strategic North American family office. With this round, the total funding raised by the company has gone up to $20 million. A statement on the company blog said the funding would be used to accelerate the company's global expansion and growing demand for REL-ID, its security platform.
The platform helps customers interact with businesses with complete ease and security across all channels. REL-ID combines channel security, identity, cryptographic authentication, and endpoint threat detection into an in-depth security solution. The company aims to help businesses work around device, identity, and network threats.
The platform was originally developed for military use, but in the past two years, the team has been expanding itsuse across different sectors. On its blog, the Uniken team states that the startup has secured close to $3.4 trillion in transactions and over 2.2 billion interactions.
REL-ID is available as a white-labelled app or as an SDK at the cost of a few pennies per user. It currently helps users across ecommerce, insurance, airlines, banking, and retail sectors. It also enables a single app experience, which solves security and user experience challenges. REL-ID has a unique approach that goes beyond authentication and enables true digital transformation. This is done by providing a customer-friendly method for high-risk transaction verification.
Bimal Gandhi, CEO, Uniken, said on the company blog: “In today’s on-demand and fast-paced economy, consumers expect to make transactions when and where they want, and Uniken allows them to do just that. Through our fast and user-friendly security process, we help our customers unlock new transaction models and eliminate every major vector of breach and fraud. And the proof is in the numbers. To date, our customers have experienced zero dollars, identities, or data lost, while increasing customer engagement by 100-300 percent.”