Series A Funding from Aetna Ventures, Millennium Technology Value Partners and Celeres Capital Drives Transformative Authentication and Identity Access Management
Acceptto launches out of stealth mode with the introduction of its Artificial Intelligence Machine Learning (AIML)-powered Cognitive Authentication™ platform. Using a mixture of AIML, expert systems and behavioral modeling, Acceptto delivers radically transformative technology to mitigate identity impersonation and access fraud while reducing friction for legitimate users, both within the enterprise and for consumers. Acceptto is also announcing a Series A funding round co-led by Aetna Ventures, Millennium Technology Value Partners and Celeres Capital, and the appointment of Aetna’s Chief Security Officer (CSO), James M. Routh, to Acceptto’s Board of Directors.
“We are excited about collaborating with Aetna, Millennium and Celeres,” said Shahrokh Shahidzadeh, CEO, Acceptto. “Having Aetna not only as an early adopter customer, but also a strategic investor is a privilege. We are committed to continuing our work with these organizations to deliver state-of-the-art technology that drives paradigm shifts in cyber security. That is what our researchers and developers are working on with key partners and customers to drive a paradigm shift that is needed.”
“Advanced authentication today enables a continuous model with attributes feeding a risk engine rather than authentication as an event with binary authentication” said Routh, Chief Security Officer of Aetna and Chair of Health Information Sharing & Analysis Center (H-ISAC).
In the past, passwords were the only option for authentication, and have since proven to be one of the weakest forms of identity access protection. Current authentication solutions using rudimentary multi-factor (MFA) authentication impose significant friction through a variety of temporary and binary controls that have all still proven ineffective safeguards against identity spoofing and even basic credential stuffing attacks. Threat actors have evolved well beyond such existing technology and the results of their techniques can be witnessed through weekly high-cost, high-impact identity-related breaches. With the launch of its AIML-powered Cognitive Authentication™ platform, Acceptto eliminates reliance on such weak and outdated controls to continuously analyze behaviors and definitively verify legitimate user identity access across cloud, mobile, web and IoT devices, even post-authentication.
At the core of the Cognitive Authentication™ platform is eGuardian®, the intelligent engine that drives the convergence of physical identity and digital user DNA towards the creation of a resilient immutable identity. The It’sMe™ single sign-on (SSO) solution for web, mobile and enterprise applications, relieves users from the challenges of passwords, eliminates passwords resets and reuse, and neutralizes account takeovers. With Cognitive Authentication™, there is no need for a password, ever.
“In an ever evolving cyberthreat environment, enterprises are forced to deliver binary MFA solutions that are full of avoidable friction,” said Azhaan Merchant, Investment Analyst, Celeres Investments. “We are excited about our investment into Acceptto as they have developed a solution that is able to continuously analyze a number of independent physical and virtual factors in order to provide frictionless authentication and real-time authorization.”
“We built Acceptto on the premise that your credentials today, and those that you’ve yet to create, have already been compromised. Your true identity cannot simply be based on a password, captchas, challenge-based questions, a one-time token or only your biometrics, which when compromised, can never be reset,” continued Shahidzadeh. “The inclusion of multi-modal telemetry such as device and browser (DBFP) fingerprints, continuous user behaviors, spatiotemporal velocity and 3rd party data fusion available to enterprises, contribute to a definitive contextual signature associated with each user and corresponding transactions. Collectively, this enables a Biobehavioral™ Derived Credential which is virtually impossible to impersonate, spoof or tamper with.”