Magic, a San Francisco-based startup that is building plug and play passwordless authentication technology, has raised $ 27 million in Series A funding.
The round, led by Northzone and with participation from Tiger Global, Volt Capital, Digital Currency Group and CoinFund, comes just over a year after Magic’s stealth launch, renaming its old name Formatic.
The company, like many others, is on a mission to end traditional password authentication. Magics’ flagship SDK, launched in April 2020, allows developers to implement a variety of passwordless authentication methods with just a few lines of code and integrates with a number of modern frameworks and infrastructures. .
Not only does the SDK make it easier for businesses and developers to implement passwordless authentication methods in their applications, it could also help mitigate the costly fallout that many face as a result of data breaches. .
This is why the password is so dangerous, ”Sean Li, co-founder and CEO of Magic, told TechCrunch. “It’s like a Jenga tower right now, a hacker who violates your system can download a complete database of encrypted passwords and then decrypt them easily. It is a huge central point of failure.
The company recently expanded its SDK to add support for WebAuthn, which means it can support hardware authentication keys like Yubico, as well as face IDs and biometric fingerprints on mobile devices. .
It’s less common now, but it made it super easy for developers, Li says. That way we can help promote new technology, and it’s really good for user security and privacy. .
It’s a gamble that seems to be working: Magic has seen a 13% month-over-month increase in developer registrations, and the number of secure identities is growing at a rate of 6% per week, according to Magic. It has also secured a number of high profile clients, from crypto news publisher Decrypt to fundraising platform Fairmint.
Wendy Xiao Schadeck, Partner at Northzone, said: We couldn’t be more excited to support Sean and the Magic team as they redefine authentication for the internet from the bottom up, solving a major issue for developers, users and businesses.
It was clear to us that they are absolutely loved by their customers, as the team is so obsessed with serving every part of the developer’s journey across multiple communities. What is potentially even more exciting is what they can do to empower users and decentralize the web’s identity layer.
The company now plans to continue to evolve its platform and expand its team to meet what Magic describes as growing demand. The startup, which currently has 30 full-time remote employees, expects to at least double its workforce in all core functions, including products, engineering, design, marketing, finance, people and operations.
He also plans to develop the SDK even further; Li says he wants to be able to connect to more types of technology, from low-code apps to workflow automations.
The vision is much bigger than that. We want to be the Internet’s passport, Li adds.
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