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Glide Identity, a digital identity security startup, sealed a $20 million Series A led by Crosspoint Capital Partners, Glide founder and CEO Eran Haggiag tells Axios Pro.

Why it matters: Stolen passwords can lead to stolen identities.

There were more than 1.1 million reports of identity theft received by the FTC last year.

How it works: Glide's SIM-based cryptographic verification systems replace passwords and cannot be phished or intercepted.

Users instead authenticate through their mobile carrier's network using a one-time private key.

The San Francisco-based company is in pilot programs with a handful of "very large" financial service institutions that are using the tech to protect their customers, Haggiag says.

State of play: Digital identity security startups have seen increasing investor interest, as voice cloning, text manipulation and AI have made codes and passwords more vulnerable. 

Just last week, TransCrypts, a blockchain-based digital identity startup, raised a $15 million seed round led by Pantera Capital.

Zoom in: Amigos Venture Capital, Fidelity International Strategic Ventures, Singtel Innov8 Ventures and Ronald Cohen also invested in Glide.

Founded late last year, Glide has now raised more than $25 million.

What's next: The company plans to move into other verticals next year, including health care, government and insurance, Haggiag says.

Glide has already been approached by new investors, and Haggiag says a Series B may happen "sooner rather than later."

Exclusive: Glide Identity raises $20M for better digital verification

an illustration of a lock in front of colorful rectangles overlaid with money

Glide Identity, a digital identity security startup, sealed a $20 million Series A led by Crosspoint Capital Partners, Glide founder and CEO Eran Haggiag tells Axios Pro.Why it matters: Stolen passwords can lead to stolen identities.

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Exclusive: Glide Identity raises $20M for better digital verification

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