Authoriti Network
Authoriti is a NYC-based provider of solutions to prevent identity theft and misuse of consumer data.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
$1.5m | Seed | ||
| Total Funding | 000k | ||
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Authoriti Network was a company that operated in the identity and transaction security market. Founded in 2017 by Lou Steinberg, Marv Adams, and Larry Bettino, the firm aimed to provide solutions to combat identity theft and the fraudulent use of consumer data. The company's core offering was its patented Permission Code® technology. This system generated a smart PIN that allowed customers to provide multi-factor authorization for transactions, giving them direct control over how and when institutions could execute actions on their behalf.
The business targeted sectors where secure transaction verification is critical, including finance, real estate, and healthcare. Its platform was designed to secure a range of applications, from financial payments to interactions within contact centers. Authoriti Network's revenue model was not explicitly detailed in the available information, but it likely involved licensing its technology to institutional clients. In September 2019, the company announced a seed funding round of $1.5 million, led by Dot Capital, to expand its sales and product development teams. Despite this early-stage investment, corporate records indicate that Authoriti Network ceased operations and is now considered out of business as of May 2023.
The founding team brought significant experience to the venture. Lou Steinberg, who served as the company's chairman, had a background in cybersecurity and technology leadership. Marv Adams and Larry Bettino also contributed their expertise to the company's development. Michael Cutlip served as the President and CEO, leading the company's strategic direction. Following the seed investment, Joseph R. Saviano, Founder & Managing Partner of Dot Capital, joined the Board of Directors.
Keywords: identity verification, transaction security, multi-factor authorization, fraud prevention, Permission Code, smart PIN, secure payments, contact center security, consumer data protection, fintech security, deadpooled, out of business, Lou Steinberg, Marv Adams, Larry Bettino, Dot Capital, identity theft prevention, secure transactions, financial security, real estate security, healthcare security