PixelPin, a UK-based company that is dedicated to securing personal and business information without using a keyboard, has quickly surpassed its initial £1,394,989 funding target on equity crowdfunding platform Seedrs. Founded in 2011, PixelPin stated it is focused on the use of pictures. Using pictures is more personal, more secure and more likely to be widely used by the non technologically minded.
“Quite simply, the market for PixelPin is the replacement of passwords. The use of pictures to replace passwords has many advantages. According to the study of ‘Picture Superiority Effect’ the human brain processes pictures in a different way to the way in which words are committed to memory, therefore making it easier for a human to remember visually rather than in word format. Moreover, pictures have a significant advantage over the password as they are difficult to hack, provide no language barriers and are easy to use regardless of your ability or disability.”
PixelPin noted it charges by using a monthly subscription or transactional pricing, giving businesses increased engagement with its users, in a more secure way. In regards to what the funds from the Seedrs round will be used for, PixelPin added:
“The proceeds will be primarily used to strengthen the commercial activities of the team. We have recruited an experienced cyber security sales person, and intend to invest in an account manager as the business develops. The sales organisation will comprise lead generation from events and in-bound marketing campaigns, and experienced sales people to close opportunities.”
The funding round is set to close later this spring.
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