TokenOne Enters Into a Consortium Project With US National Cybersecurity Centre of Excellence & Eyes Local Investment as It Aims to Raise Capital

KEY TAKEAWAYS:

• TokenOne is set to enter into a consortium project with the National Cybersecurity Centre of Excellence (NCCoE) in the United States. The NCCoE is a collaborative hub that allows government and the private sector to create practical solutions for various cybersecurity challenges.
• TokenOne’s OTP technology replaces passwords and other authentication requirements with a more secure and better solution.
• The company is prioritising funding from Australian companies.

Cybersecurity software company TokenOne has recently entered into a partnership with a cybersecurity consortium from the United States, but the company still has its eyes set on local capital investment when it comes to additional capital infusion.

TokenOne is bent on expanding its business without taking the easy way out by looking for funding in Silicon Valley, just like what most of its compatriots did. The company’s strategy is to keep the company firmly grounded on Australian shores. Otherwise, it would have to become an American company, according to TokenOne founder Phil Cuff.

The company’s executives are looking at alternative funding sources while it in the process of building capital for its ventures. “It’s not easy raising capital here,” Cuff said. However, he admitted that funding can be found if only companies know where to look.

Cuff said TokenOne has started to get international attention but it also enjoys the support of Australian investors. After all, the company is known for implementing the one-time pad (OTP), a smartphone-based innovation that makes it possible for users to avail of a password technique that produces different codes every time it is used. And since the code is never received by the host system, then it provides a more secure password option for users.

“Passwords have been OK up until now, but the fundamental problem is that you have to reveal it to prove you know it. OTP lets you mentally convert your PIN into different letters every time you need to authenticate yourself. It’s never stored anywhere, and not even a rogue sysadmin or company could work out the code,” Cuff said.

TokenOne has increased its efforts in creating awareness on the OTP technology to catch the attention of potential investors. Its stint with technology giants like Yubico, Splunk, RSA, Rivetz, CA Technologies and Callsign, all collaborating on a project for the National Cybersecurity Centre of Excellence (NCCoE) in the United States is guaranteed to provide the company with the international exposure it needs to get much-needed financial backing.

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