Richmond, VA, Dec. 02, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Marshall, Va.-based CySecure Inc., developer of next generation identity and authentication solutions. CySecure is developing solutions to eliminate passwords entirely – for users and at company servers – making it impossible for hackers to steal users’ personal data. CySecure successfully completed MACH37’s 90-day program, designed to accelerate a startup’s path to a sustainable business model. CySecure has made significant progress towards launching the general availability of their product and will use this investment for product development.
According to Verizon’s 2020 Data Breach Investigations Report, compromised passwords are responsible for 81% of all hacking-related data breaches. The root cause of this problem is that companies continue to store user passwords on servers. While there has been a new wave of passwordless authentications that eliminate passwords at the user level, these passwords still remain stored on company servers. CySecure’s Public Key Infrastructure (PKI)-based verification eliminates passwords entirely, and Self-Sovereign Identity allows users to maintain possession and control of their Personally Identifiable Information (PII).
“Cybersecurity breaches rank in the top five global risks according to the World Economic Forum; hence data breach liability is a foremost priority for business leaders. CySecure eliminates data breach liability for companies with its passwordless authentication Solution. Also, with no need to reset the passwords, the companies reduce their operating cost and improve worker productivity.” said Neal Chandra, CEO of CySecure. “Due to the COVID-19 pandemic, 42% of U.S. labor force is now working from home, which has caused an increase in data breach incidents. CySecure Solution provides the most secure authentication to enterprises whether the user is working in office, from home, or in a remote location. We are grateful for the support of CIT and MACH37, which have already played an important role in setting us up for future success.”
The CySecure Solution is frictionless and easy to use. The Solution is designed for both companies and end users. Companies reduce data breach liability with a secure PKI based authentication solution, while reducing their operating cost. The users have an easy way to login to their accounts and maintain possession of their personal data. CySecure will use Artificial Intelligence and Machine Learning for fraud detection, allowing its customers to be alerted in real time.
“As password management continues to be a leading cause of data breaches, more and more organizations are beginning to adopt and implement passwordless methods. CySecure’s value proposition not only reduces cyber risk, it also enables businesses to deliver higher customer satisfaction while reducing costs and liability,” said Tom Weithman, CIT Chief Investment Officer and Managing Director of CIT GAP Funds. “CySecure’s solutions, which effectively eliminate the need for passwords, is well-positioned to take advantage of a growing market opportunity and bring a critical solution to both companies and end users. We look forward to being part of their continued success.”
For more information, please visit www.cit.org/cybersecurity.
About CySecure
CySecure is developing next generation digital solution for passwordless authentication. The Solution eliminates data breach liability for companies and reduces their operating cost. The solution is extremely secure, using Public Key Infrastructure (PKI) and digital identity verified cryptographically. It is changing the paradigm to zero trust – always verify, never trust. For more information, please visit: https://cysecure.us/.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, cleantech, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 230 portfolio companies, including 16 companies in designated Opportunity Zones. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.cit.org/gap.
About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs, and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement. CIT’s CAGE Code is 1UP71. For more information please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.