My1login Targets Lastpass With Easier Password Service, Raises $1M

Last year universal password browser extension Last Pass was the target of an alleged hacking attempt and ended up having to ask users to… change their passwords. While Lastpass relies on a browser plug-in to do its work, it competes with Roboform which uses software and a USB key. Now a new company aims to take these guys on, but without any hardware or software installation and no browser plug-ins needed (which will become a problem since IE10 within Windows 8 (Metro) will not support plug-ins).

my1login can sign users into their sites with one click, without the need for any 3rd party site integration. iPhone, iPad and Android apps are also in the pipeline. It’s now raised $1 million in funding for the service which launched at the beginning of last month, based out of a former autopsy room within the University of Glasgow.

When they set up their account, users create a secure phrase that encrypts all their logins within their browser before being sent over the Internet and stored, and since their secure phrase is not stored, even my1login is unable to read these details.

Users can create complex unique passwords for each site (my1login does the hard work of remembering them) and don’t have to type passwords to log into sites, bypassing rogue key-loggers.

my1login also provides users with a dashboard view of information and messages from email and social networking sites.

The startup hopes to go viral by allowing users that refer the service to get an upgrade to the ‘pro’ version of the product.