Two-Factor Authentication Company Nok Nok Labs Raises $4 Million In Debt Financing
Nok Nok Labs is a security company that focuses on two-factor authentication. The company has raised $4 million in debt financing from existing investors ONSET Ventures and DCM. Nok Nok raised $15 million announced their first round of funding this past February, but it was closed in 2011.
Two-factor authentication is a big deal right now. After many tech companies have been hacked, big players like Apple, Google, Twitter, and Evernote have adopted the technology. This sort of technology sends users a code, which acts as a replacement for traditional username and passwords. The code is sent through a smartphone application or a dongle device.
Nok Nok Labs’ flagship service is called Unified Authentication Infrastructure. This technology makes it possible to utilize existing features in devices that employees already have like swiping a finger on a sensor.
The debt funding is powered by convertible notes to existing investors. It is unclear what Nok Nok Labs will do with the funding, but most likely it will be for expansion and product development.