NineID raises $2.6 million to build a secure bridge between the digital and physical worlds of corporate security
Award-winning Belgian startup counts on founders of success stories Showpad, Drupal, and PitchDrive, among others, to reinvent decades-old compliance on corporate sites with perfect balance between hardware and software.
Ghent, June 20, 2023 - In 2022 NineID announced its launch and investments worth $1.4 million. To that amount, the access management start-up now adds another $1.2 million to successfully clock off its seed round at $2.6 million. The additional capital was raised from lead investor Pitchdrive, Comate Ventures and several business angels (including the founders of Belgian success story Showpad). The news follows on the heels of the opening of an office in New York and the use of the platform by World Forum The Hague - where Ukrainian President Zelensky was welcomed. The round will be used to accelerate international growth and R&D.
Organizations World Forum The Hague, Danone Group (Alpro), world's largest port group PSA, world's largest international health & beauty retailer A.S. Watson, and dozens of other multinationals joined NineID’s client base in search of one thing: a modern access control solution. Other technologies are outdated, and offer limited security. In addition, manual onboardings and check-ins are not user-friendly and can lead to administrative chaos.
NineID acts as an interface between the cyber world and the physical world using user-friendly solutions that increase access security, corporate site security and compliance. The start-up's offerings include both a SaaS platform for documentation that centralizes user identification, certificates and training (making documents easily available for audits), and the hardware needed for on-site access management, which work with QR codes, smartphone scans or facial recognition.
The founders, Roy Jeunen and Frederik Keysers, built the solution while experiencing cumbersome security procedures themselves. "In our previous roles we underwent long queues and many security checks prior to getting site access via (RFID) badges. If I would pass on this badge, the whole process would have been for nothing." says Roy.
"Companies often lose sight of physical identity and access management when focusing entirely on cyber security." adds Roy. "Many companies still use badges to access its facilities, while it’s common for these badges to be passed around, copied or stolen. This allows hackers to gain access to company premises and use unattended computers or network ports, opening the literal and figurative door for security breaches."
Last February, NineID put their theory to the test by successfully claiming an access badge from an unknowing company to access all sensitive information just 15 minutes later. They posted the result on their YouTube channel. "According to sources like IBM's 2020 Cost of a Data Breach Report, physical breaches such as this one, as well as intrusion and social engineering, are blamed for more than 10% of data breaches." says Frederik. "Until now, those sites have typically relied on outdated systems to process the large numbers of external visitors. Thanks to NineID, they can now be sure that everyone who enters their site is 100% security compliant."
Earlier this year, the company opened an office in New York to better serve the US market. To achieve further internationalization and expand the robustness of their solution, NineID raised additional funds from lead investor Pitchdrive and an impressive list of well-known names from the Belgian technology landscape. Comate Ventures, Louis Jonckheere and Pieterjan Bouten (founders Showpad), Dries Buytaert (founder Drupal CMS), and other entrepreneurs are supporting this crucial growth phase of the company.
"The unique combination between a hardware unit and software for user identification and access control, makes NineID a unique, more compliant and above all much more secure solution compared to competitors working with the well-known badge control, for example. This puts them in a strong position in the market, which they have already proven in the traction of the past months where dozens of corporate sites worldwide have switched to NineID. We are impressed by the progression the team has already made in the past year, and can't wait to be part of the further growth to come."
Boris Bogaert, co-founder of Pitchdrive.
“Today, every company still works with badges, a system that has been around for 30 years. As the market starts to shift to mobile credentials and biometrics, we aim to become the largest international provider of these solutions with NineID.” concludes Roy Jeunen.
NineID is an award-winning technology company revolutionizing security solutions. With a focus on access flows, security, and safety protocols, NineID empowers organizations to enhance security, streamline operations, and ensure compliance. Headquartered in Ghent with an office in New York, NineID uses cutting-edge technologies like biometric authentication and advanced data analytics. The platform centralizes and automates complex processes for seamless and secure access flows. NineID’s mission is to empower businesses worldwide with state-of-the-art compliance and security solutions, driving efficiency while mitigating security risks.
NineID was founded by Roy Jeunen and Frederik Keysers, both with years of experience in offshore oil & gas, aviation and logistics.