Lebanese Cybersecurity Startup Raises $4 Million to Address Decentralised Identity Management

Beirut-based cybersecurity startup Myki announced on September 5^th that they scored $4 million in a Series A round to scale its operations. The round was led by Dubai-based VC BECO Capital, with participation from LEAP Ventures and B&Y Venture Partners, all of which are returning investors. This strategic funding will allow Myki to expand its US operations to tackle decentralised Identity Management in the Enterprise space.

“We are firm believers that online security and data privacy is not a privilege, it is a right, and that is why at Myki, we empower our users with the tools to securely manage their digital identity,” says co-founder and COO Priscilla Elora Sharuk during her announcement on the “Beyond Battlefield” panel at TechCrunch Disrupt San Francisco 2018.

Founded in 2015, Myki has been offering both a consumer and enterprise identity management solution that uniquely allows users to store sensitive information offline, away from the cloud. The "Myki Password Manager & Authenticator” for consumers is a mobile application that allows users to seamlessly and securely store and manage passwords, credit cards, ID cards and secure notes. Myki allows users to login to accounts using biometric authentication such as touch ID and Face ID. Myki's enterprise offering "Myki for Teams” gives administrators full visibility and control over their company’s access management. Myki for Managed Service Providers is a web portal that allows MSPs to manage the passwords of their clients in a secure, streamlined and scalable manner.

"Our mission for the next two years is to build the infrastructure required on all levels to keep growing fast, the way we have been for the past 12 months, and become a world leader in decentralised identity management," Co-Founder and CEO Antoine Vincent Jebara says. Global spending on cybersecurity products and services are predicted to exceed $1 Trillion over the next five years, from 2017 to 2021. With over 250,000 users worldwide and a rapidly-growing user base, Myki is aspires to address the security and identity management needs and concerns of consumers and businesses alike.

Main Image: Mike's founders, CEO and COO Antoine Vincent Jebara and Priscilla Elora Sharuk