1Kosmos Secures $57M to Expand Biometric Identity Platform Worldwide

1Kosmos raises $57 million to scale its identity-proofing platform across North America, APAC, and EMEA, targeting SMEs and enterprises during rising cybersecurity threats.

Global identity verification and authentication firm 1Kosmos announced on Tuesday that it has raised $57 million in Series B funding, which includes a $10 million credit line from Bridge Bank. The funding round was led by Forgepoint Capital and Oquirrh Ventures, an affiliate of Origami, with additional participation from Craig Abod, founder and president of Carahsoft, alongside NextEra Energy Ventures, Gula Tech Adventures, and members of the 1Kosmos leadership team.

Including a previous $15 million Series A financing, this increases the company's total funding to over $72 million to date. 1Kosmos plans to utilize the funding to strengthen its technology integrations with major IAM, CIAM, PAM, and zero-trust platforms, enhance both direct and partner sales efforts across North America, EMEA, and APAC, and accelerate product development to support its global growth strategy.

While obtaining funding is a noteworthy accomplishment, the true lesson is that businesses are increasingly in need of a strong identity platform, according to Hemen Vimadalal, CEO of 1Kosmos. In the past, 1Kosmos had to make an effort to persuade businesses to use their service. Companies are now actively looking for them due to an increase in fraud, security breaches, and usability issues.

The company wants to increase adoption and speed up its market presence to meet this growing demand. The business intends to create new offices in areas like the Asia-Pacific, which includes the Philippines, and the Middle East, which includes Saudi Arabia, he continued. They will also step up their go-to-market tactics in North America and India.