Authentication startup AnchorID wins Finovate Best-in-Show

anchor-ID-logo

New York startup AnchorID has garnered the Best-in-Show award at Finovate Fall, which just wrapped up in New York. There, the company demonstrated its consumer authentication technology for websites and mobile apps, which is purportedly set to launch any time now (Fall of 2014, according to the company website). AnchorID is tackling the notorious multiple password management problem, following in the footsteps of companies like AgileBits and Dashlane. AnchorID looks to improve on these earlier-generation consumer SSO offerings by completely eliminating passwords - providing secure access to both websites and mobile apps via a proprietary smartphone app, and by letting the user choose which type of authentication token he or she wants to use. The explanatory video lists fingerprint and voice biometrics, PINs, and a simple Yes/No button - that is, proceed with the login or not - as options. The user has to pick a single user name (their "Universal Username"). Again, no passwords are involved - so the authentication factors are the user's Universal Username, the app/smartphone combination (presumably including some level of device identification), and the token value (biometric, yes/no, etc.) as selected by the user. The company says they don't gather any personal data about the user. Integration to the target website or mobile app is via AnchorID's API.

AnchorID was founded in January 2014 and, according to Crunchbase, has received two rounds of angel funding totaling US $510,000. They're coming into an extremely crowded and noisy market, so success will depend as much on execution as on their technology.

Congratulations to AnchorID on making Best-in-Show!