Token Announces $13 Million Series B Funding Round and Appointment of New CEO to Disrupt the Authentication Market
ROCHESTER, N.Y.–(BUSINESS WIRE)–Token, a revolutionary provider of secure, wearable authentication solutions, today announced a $13 million financing round and the appointment of John Gunn as the company’s CEO. Token will use the funds to increase its investment in solution development and generate demand for the company’s breakthrough technology.
Token is changing the way organizations secure access to networks and critical assets by providing passwordless, biometric, multifactor authentication using a convenient smart ring. In developing the next generation of user security, Token is solving the problems of hacking, social engineering, and malware for organizations where breaches, data loss, and ransomware must be prevented.
As part of its disruption of the authentication market, Token announced the appointment of John Gunn as CEO. “After a lengthy and comprehensive search process, we were pleased to have found an outstanding leader with the experience and knowledge to transform Token into the top provider of authentication solutions,” said Token Chairperson, Kevin Surace. “John is a proven authentication industry veteran with deep knowledge of the cybersecurity industry, who has led multiple successful startups to hyper-growth.”
Prior to joining Token, John served as Chief Revenue Officer of OneSpan, Inc., a leader in SaaS-based digital agreement security, and has held previous positions as President and General Manager of various technology companies including VisionTek and Aladdin Knowledge Systems. “Authentication is absolutely broken. Consider that for more than five years, eight out of 10 data breaches and successful ransomware attacks have been the result of compromised user credentials,” said Token CEO, John Gunn. “A bulletproof approach to user authentication that works with existing solutions, greatly enhances security, and is the ultimate in user convenience is certain to be a winner.”
Data breaches are one of the most significant risks to all organizations and the rampant spread of ransomware has caused devastating consequences for victims. The number of ransomware attacks more than doubled last year, with the average financial damages also doubling to more than $1M. Many businesses can no longer secure cybersecurity insurance because of the risk of losses and many businesses never recover from an attack. The market is in urgent need of a solution to this multi-billion-dollar problem.
“We have great faith in the Token team and are confident in their ability to be a leading provider of authentication and cybersecurity solutions that have incredibly great ROI,” said Grand Oaks Capital Chief Investment Officer, David Bovenzi. “Token has a short path to revenue and then rapidly scaling the business, and cybersecurity has always been a recession-proof business.” Grand Oaks Capital is the investment arm of philanthropist and Paychex founder, Tom Golisano.