Enter Safetrust, a global solution provider that’s uniquely engineered their mobile identity access platform to be backward compatible with legacy systems whilst addressing the integrated forward-looking capabilities that organizations are seeking. Safetrust offers the Safetrust Wallet, a mobile app capable of emulating existing ID cards for access to facilities while also replacing passwords, tokens, and out-of-band password generators. The Safetrust Wallet allows you to store multiple credentials all in one secure place, enabling BYOD authentication for both physical and logical access. It also supports the use of PKI Based virtual smart cards for closed-loop payments, secure printing, desktop authentication, and web-based applications leveraging 2FA. Additionally, where most solutions stop short, Safetrust address encryption and signing where customers can choose a government ID card standard NIST- 800-73 in virtual form.
But its broad capabilities are only half of the story. Safetrust purpose-built their platform to specifically address the unique challenges that the largest enterprises face. On the physical security side; users carrying multiple ID cards, insecure authentication, and aging access control systems that cost millions to replace with middling benefits that are difficult to justify. The SafeAccess solution allows enterprises to leave their existing systems in place, which is not only extremely cost-effective but also increases the security by adding an encrypted tunnel where it previously didn’t exist. Through hardware such as their SABRE DECAL or Safetrust Integrated Covers, Bluetooth to RFID gateway modules, organizations can transition to mobility at their own pace by allowing virtual credentials to work alongside traditional access cards.
It’s essentially a re-skinnable IOT platform instead of a single-purpose IOT device
On the logical side, they deliver a choice of authentication methods, security levels, and can optionally leverage geolocation, geofencing, and device forensics for increased rules and visibility. All capabilities can be managed centrally, over-the-air, and even be revoked or changed securely through Safetrust’s Credential Manager. Its extensive SDK and APIs can make it play nicely inside or alongside a corporate app and hook events and triggers into actionable workflows and situational controls. Safetrust also propels the success of their mobile identity solutions through the lens of solving business challenges and converts identity from just a security expense into an important part of the enterprise. Safetrust empowers enterprises to make more informed decisions through analysis and insights into user behavior, asset tracking, and resource utilization.
According to the CEO, Jason Hart, “It’s essentially a re-skinnable IOT platform instead of a single-purpose IOT device. Depending on the challenges an organization uniquely faces, desired user experience, and controls they want to implement, it’s just a configuration change powered by handsets instead of reinvesting in new discrete devices and infrastructures each time. We’re constantly developing from this standpoint.”
Managing access to information and resources in today’s dynamic, data-driven environment is a challenge, one that requires much more from identity and access management (IAM) solutions than before. By leveraging Safetrust’s SafeAccess and SafeLogon solutions, organizations can put IAM at the center of their security and IT strategy, allowing them to easily see and govern access across the entire enterprise.
LSQ Provides Safetrust with $6 Million Working Capital Facility to Support Rapid Growth
FREMONT, CA - Safetrust, a pioneer in virtual credential solutions, announces the closing of a $6 million credit facility provided by LSQ Funding Group, L.L.C. (LSQ) to help fund Safetrusts working capital needs to support its exponential growth.
Safetrust's mobile credential solutions facilitate physical and digital identity modernization at a significantly lower cost than other contemporary options with a quicker time-to-value. Using over-the-air (OTA) virtual credentials stored in mobile phones or wearables, Safetrust enables people to seamlessly identify themselves to corporate and membership resources ” all by leveraging existing infrastructure. Upgrading to the Safetrust platform, organizations can provide touchless access, resource intelligence, contact tracing and additional security.
Headquartered in Fremont, California, the company recently added US-based sales, marketing, developer support, channel and customer success employees to the team to serve its expanding customer base.
"This credit facility provides an excellent, cost-effective financial vehicle by which we can enhance our liquidity to accommodate the projected increase in revenue from our rapid growth and a substantial pipeline of pilots that are currently underway, said Jason Hart, CEO of Safetrust. We look forward to continued success heading into 2021 and driving long-term value creation for our shareholders."
On behalf of the entire Safetrust team and our stakeholders, we are grateful for the effort that LSQ put into making this deal come about, added Kevin McBride, CFO of Safetrust. This facility supports our working capital needs and allows future growth capital to be used for delivering our solutions to more customers.
Were excited to offer creative working capital facilities for companies, like Safetrust, who are entering hyper-growth, added Elena Anemogiannis, Regional Vice President of Sales. Our credit facility is designed to be flexible and scale with Safetrust as they grow, allowing them to remain focused on their pipeline and product. Having access to a third option, outside of traditional debt or equity, has the potential to rewrite their growth story.
Safetrust is positioned to become a disruptive force in the physical security industry. We think they have the technology and team in place to position them for success, said Dan Ambrico, Chief Executive Officer of LSQ. We are pleased to provide a specialized working capital facility, giving Safetrust the tools needed to continue to grow their operations and take advantage of future opportunities.