Mobile device and location verification service Zumigo closed a Series B funding round led by Intel Capital on Friday, reporting it raised $6 million.
Zumigo wants to take the password out of the authentication process. Using the location of your phone, Zumigo can identify whether you’ve made a financial transaction based on the proximity of your phone to the source of the exchange.
The funding news comes as the company begins participating in the Wells Fargo Startup Accelerator program. Existing investors, including Aligned Partners, also participated in the round.
In previous funding rounds, Zumigo raised a total of about $1.4 million.
Zumigo founder and CEO Chirag Bakshi tells me the funding will be used to step up the company’s global presence and product development. Currently the company has a presence in the United States and India, and Bakshi says it has plans to expand to Europe starting with the United Kingdom.
“Companies are becoming more focused on mobile,” Bakshi said. “We’re providing security around that. There’s going to be a big need for it. Investors are excited about that.”IMAGE BY Flickr USER 24sevencommunications UNDER CCPL LICENSE