Token – a revolutionary provider of secure and wearable authentication solutions – announced a $30 million financing raise to support the company’s product development and strategic growth objectives. Grand Oaks’ financing was in the form of a $20 million secured note and a $10 million convertible note to provide financing for inventory and working capital funding to support the company’s overall growth and future product development.
Phishing and ransomware attacks have been continuing to increase and are forecast to become more effective and damaging with the introduction of artificial intelligence. And Token’s next-generation MFA solution is an easy-to-implement, passwordless, FIDO 2-compliant, biometric wearable that stops phishing attacks and data breaches.
The Token smart ring is the only authentication device that solves the vulnerabilities in BYOD approaches and legacy MFA products. And it has already won 5 industry awards for innovation and security.
KEY QUOTES:
“People are the leading cause of data breaches, and you see this play out almost daily as new ransomware attacks are revealed to have been caused by the human failings inherent in legacy MFA. Our product is engineered to be implemented in just hours and can be set up by end users in minutes to help CISOs and sysadmins quickly address this issue.”
- Token CEO John Gunn
“Token checks all the boxes of a great investment for Grand Oaks – a large addressable market and a disruptive technology – which makes continued investment an easy decision for us. We have also seen great strides made by the Token team in addressing market needs, which is why we are confident in investing additional working capital to accelerate the company’s growth.”
- Grand Oaks Capital Chief Investment Officer David Bovenzi
About Token
In a world of stolen identities and compromised user credentials, Token is changing the way our customers secure their organizations by providing passwordless, biometric, multifactor authentication. We deliver the next generation of multifactor authentication that is invulnerable to social engineering, malware, and tampering for organizations where breaches, data loss, and ransomware must be prevented. To learn more, visit www.tokenring.com.
