Crayonic Secures $1.3 Million Seed Financing Round
EINDHOVEN, NETHERLANDS and BRATISLAVA, SLOVAKIA – December 2, 2020 –
Crayonic, a leader in the development of highly secure digital identity solutions, today announced it has raised seed round funding totaling 1.3M USD from private investors.
Crayonic's award winning, patented, certified enterprise solutions for user authentication, digital asset storage, and electronic signatures protect organizations against cyberattacks. Their core product, the Crayonic KeyVault™, uses advanced cryptography and biometrics to enable fully passwordless logins to enterprise systems, mobile banking apps, and private cloud accounts.
This equity round included European angel investors from the Finance and Healthcare sectors, which are two target markets for Crayonic solutions. Banks experienced a 238% rise in cyberattacks during the Coronavirus crisis. The FBI and US Department of Health and Human Services have put out a warning to hospitals and healthcare providers that cyber threats have increased and there is an imminent cybercrime threat. In addition, SOSV, an early-stage American venture capital and investment management firm, participated in the round.
“Crayonic is one of the most successful companies that participated in SOSV's dlab Accelerator Program in New York. During the COVID crisis, they demonstrated their value in providing enterprise cybersecurity solutions at a critical time, and thus SOSV is excited to continue to invest in this seed round,” said Shawn Broderick, General Partner of SOSV.
“We are proud to have the continued support of SOSV, which has been an instrumental partner through its Accelerator Program. In addition, we are excited to have new strategic investors that represent the largest market opportunities for Crayonic, especially after COVID demonstrated increasing vulnerabilities in these industry segments,” said Peter Kolarov, Founder & CEO Crayonic.
This round of financing will be used to support the marketing, manufacturing, and continued development of the core Crayonic KeyVault™ product.