Unibeam: $6M for SIM Authentication Security
- Israeli startup Unibeam has secured $6 million in seed funding, led by NFX with participation from AnD Ventures, to advance its cybersecurity mission of replacing SMS-based One-Time Passwords...
- The move follows a December 2024 joint advisory from the FBI and the Cybersecurity and Infrastructure Security Agency (CISA), urging a shift away from SMS OTPs due to...
- IDLayr reports that 90% of global OTP authentication still relies on SMS, contributing to fraud.
Unibeam rockets forward with $6 million in seed funding, aiming to dismantle the vulnerabilities of SMS-based otps, a critical move in today’s cybersecurity landscape. the FBI and CISA issued stark warnings in late 2024, highlighting the risks of interception and SIM swapping. Unibeam’s innovative SIM-based authentication platform is a secure option, leveraging cryptographic identity bound to eSIM/SIM hardware to create a virtually un-spoofable user verification process. The shift away from SMS OTPs,still used in 90% of global authentication,is crucial,especially with SIM swap attacks causing significant financial losses. This strategic funding, backed by NFX, positions Unibeam to combat AI-driven impersonation, offering a scalable solution. News Directory 3 follows these tech advances closely. Discover what’s next as Unibeam redefines digital trust.
Unibeam Raises $6M to Bolster Cybersecurity Authentication, Combat SMS OTP Flaws
Israeli startup Unibeam has secured $6 million in seed funding, led by NFX with participation from AnD Ventures, to advance its cybersecurity mission of replacing SMS-based One-Time Passwords (OTPs).The funding comes amid rising concerns over the vulnerability of current digital authentication methods.
The move follows a December 2024 joint advisory from the FBI and the Cybersecurity and Infrastructure Security Agency (CISA), urging a shift away from SMS OTPs due to risks of interception and SIM swapping. This warning was prompted by a major breach, “Salt Typhoon,” where hackers infiltrated U.S. telecom networks, potentially exposing unencrypted SMS messages. Despite these risks, SMS OTPs remain a common form of two-factor authentication.
IDLayr reports that 90% of global OTP authentication still relies on SMS, contributing to fraud. The FBI’s 2024 Internet Crime Report showed SIM swap attacks caused over $72 million in losses, a sharp increase from $12 million two years prior. Unibeam’s SIM-based authentication platform offers a more secure alternative, using cryptographic identity tied to eSIM/SIM hardware.
Unibeam’s authentication leverages cryptographic binding to eSIM and SIM identifiers, along with device-level signals, ensuring precise user verification. This deterministic method uses identifiers already embedded in phones to generate a unique cryptographic key for each user, making it virtually impossible to spoof and improving cybersecurity.
“With AI making it alarmingly easy to impersonate people online, we’re seeing a surge in digital fraud that traditional authentication methods can’t handle,” said Gigi Levy-Weiss, founding partner at NFX. “What excites us about Unibeam is that they’re not just improving authentication—they’re redefining it.”
Unibeam’s advisory board includes telecom veterans such as Amos Genish, former CEO of TIM, Vivo, and Telecom India; Stéphane richard, former CEO and chairman of Orange Global; and Michel Combes, CEO of SoftBank International and former CEO of Vodafone Europe and Alcatel-Lucent.
What’s next
Unibeam aims to set a new standard in digital trust by offering a secure,scalable authentication solution that combats AI-driven impersonation and digital deception,as enterprises modernize their digital security measures.