Digital identity security company Glide Identity has secured over $20 million in Series A funding, bringing its total funding to more than $25 million. The round was led by Crosspoint Capital Partners, with participation from Amigos Venture Capital, Singtel Innov8 Ventures, and Sir Ronald Cohen.
The company will use the funding to develop an advanced identity, authentication, and verification platform specifically designed for the emerging Artificial General Intelligence (AGI) era. Glide Identity’s platform uses SIM-based cryptographic authentication technology, which provides protection against phishing, interception, and social engineering attacks. The system replaces traditional one-time passwords (OTPs) with secure authentication signals transmitted through mobile carrier networks – a significant advancement as regulatory bodies worldwide begin phasing out traditional OTP methods.
The funding comes at a time when online fraud continues to rise, with U.S. consumers experiencing losses of $12.5 billion in 2024, representing a 25 percent increase from the previous year. Additionally, approximately 70 percent of online shopping carts are abandoned due to complex checkout processes and digital trust concerns. The trend has prompted several major financial institutions to implement enhanced security measures, following similar initiatives by telecom providers in markets like the UK.
“We are excited about Glide’s pace of progress and ability to bring together leading players across industries to solve emerging issues with the rise of AI and fraud,” said Mattias Rejman, co-founder and general partner of Amigos Venture Capital. “Increasing the security of the AI era is a core pillar of future growth.”
“Glide Identity’s technology represents a significant advancement in the way identity verification is conducted,” noted Erik Wiesner-Mostenicky, Principal at FISV and Glide Identity’s Board member.
The company’s SIM-based authentication approach builds on recent innovations in the mobile identity space, including carrier-based authentication systems that eliminate the need for SMS verification. The development comes as the industry moves toward more secure, phishing-resistant authentication methods, particularly in response to emerging AI-driven security threats. The investment from prominent industry players indicates growing recognition of the need for enhanced digital identity security solutions in an increasingly AI-driven landscape.
Sources: Pulse2.com, Startup-Weekly.com, PR Newswire
