Exact terms of the funding were not disclosed in Encap’s press release of the announcement. However, TechCrunch is reporting that the funding totaled $2 million.
This takes Encap’s total funding to more than $2.8 million, courtesy of previous investment from Alliance Ventures.
Based in Oslo, Norway, Encap specializes in mobile authentication, providing in-app, banking grade security. Encap’s technology eschews SMS codes, hardware tokens, and one-time, password-based authentication in favor of an approach that, in the words of ProVenture Seed Managing Partner, Herbjøm Skjervold, combines multi-factor authentication with risk profiling.
The company plans to use the capital to help expand into new regions, particularly the United States and United Kingdom, as well as to increase market share in a competitive market for security services. According to a report in SecureID News, the multi-factor authentication market itself should surpass
$5 billion by 2017.
Encap demoed its technology as part of the FinovateSpring 2013 event in May. See the company’s presentation here