Belgian access management start-up NineID has successfully closed its seed round, raising an additional $1.2 million. This comes after the company raised $1.4 million in 2022 and launched its product. The funding was led by Pitchdrive, with participation from Comate Ventures and several business angels, including the founders of Showpad. With the new funds, NineID plans to fuel internationalization and expand its product offering.
NineID recently opened an office in New York and counts World Forum The Hague among its clients. The Hague-based organization, which recently hosted Ukrainian President Zelensky, joins a growing list of multinational companies, including PSA, A.S. Watson, and Alpro, in adopting NineID’s modern access control solution. These organizations are seeking a more secure alternative to outdated technologies and manual onboarding processes, which can lead to administrative chaos.
The start-up offers a Software-as-a-Service (SaaS) platform that centralizes user identification, certificates, and training documentation. This allows for easy accessibility during audits. In addition, NineID provides on-site access management hardware that leverages QR codes, smartphone scans, or facial recognition.
Co-founders Roy Jeunen and Frederik Keysers developed the solution based on their own experiences with cumbersome security procedures. They observed that physical badges, commonly used for access management, are prone to sharing, copying, and theft, posing a security risk. Hackers can exploit these vulnerabilities, gaining unauthorized access to premises and unattended computers or network ports. To highlight the issue, NineID successfully infiltrated a company and accessed sensitive information within 15 minutes.
“Companies often overlook physical identity and access management while focusing solely on cybersecurity,” explains Jeunen. “Our solution ensures that everyone entering a site is 100% security compliant, addressing a significant gap in organizational security.”
To support its international expansion and further enhance its solution, NineID secured funding from Pitchdrive and prominent figures in the Belgian technology landscape. Comate Ventures, the founders of Showpad, and the founder of Drupal CMS are among the investors who recognized the potential of NineID’s innovative approach.
With its latest funding round, NineID is well-positioned to continue its growth and capitalize on the increasing demand for advanced access control solutions. By prioritizing physical identity and access management, the company aims to provide organizations with a comprehensive and secure solution to protect their sensitive information and assets. For more information about NineID and its recent seed round, visit nineid.com.
Source: NineID