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The FIDO Alliance develops and promotes open, passwordless authentication standards, notably encompassing Passkey technology. This consortium provides the technical specifications and certification programs that enable secure, phishing-resistant logins utilizing public key cryptography. Their work facilitates a more convenient and robust alternative to traditional passwords, integrating seamlessly with existing hardware and biometric capabilities across devices.
Established in February 2013, the FIDO Alliance was formed by industry leaders, including PayPal and Lenovo, recognizing the critical need to mitigate the widespread security vulnerabilities and user frustrations inherent in password-based authentication. The foundational insight centered on creating an interoperable framework for strong authentication that could drastically improve online security and simplify the user experience.
The Alliance's standards are adopted by a broad ecosystem of technology providers, including major operating system developers, device manufacturers, and online service platforms, which integrate FIDO authentication into their offerings. The long-term vision of the FIDO Alliance is to foster a universally secure and user-friendly digital identity landscape, ultimately rendering passwords obsolete and enhancing overall trust and efficiency in online interactions.
Passkey has raised $24.8M across 2 funding rounds.
Passkey has raised $24.8M in total across 2 funding rounds.
Passkey has raised $24.8M across 2 funding rounds. Most recently, it raised $20.0M Seed in October 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 1, 2024 | $20M Seed | — | Breakout Ventures, Innovation Endeavors | Announced |
| Nov 14, 2018 | $4.8M Series A | Loeb Enterprises | — | Announced |
Passkey has raised $24.8M in total across 2 funding rounds.
Passkey's investors include Breakout Ventures, Innovation Endeavors, Loeb Enterprises.
Passkey Technology is a managed IT services and cybersecurity firm based in Golden Valley, Minnesota, specializing in consulting, 24/7 support, and solutions for small and medium-sized businesses (SMBs).[1][2][5] It offers services including security, business continuity, backup strategies, disaster recovery, monitoring, maintenance, hardware procurement, installation, and general IT support—both remote and on-site—along with Microsoft 365 expertise, emphasizing month-to-month contracts, honest second opinions, and client-first service without long-term commitments.[1][4][5] With over 30 years of operation and revenue under $5 million from fewer than 25 employees, the firm focuses on keeping SMBs productive and secure through practical tech investments in networks, backups, and cybersecurity.[2][5]
Founded in 1991 as a trusted IT advisor, Passkey Technology was acquired in 2007 by Bret Erickson and his wife Rachel Erickson, who shifted it toward slow, manageable growth with a "clients first" philosophy.[1][5] Bret, a former musician in the band Mango Jam, pivoted to IT after training at Brown Institute in PC/LAN and computer programming; he interned at Passkey in 1998 and stayed, drawn to the challenges of SMB technology relationships.[1] Rachel brings experience from non-profits and Target Corp, prioritizing customer service.[1] Bret actively contributes to industry boards like the National Society of IT Service Providers (NSITSP), local IT task forces, and committees on cybersecurity and innovation.[1]
Passkey Technology rides the rising demand for outsourced IT and cybersecurity amid escalating SMB cyber threats, where small businesses face frequent attacks but lack in-house expertise.[1][2] Its timing aligns with hybrid work trends boosting needs for Microsoft 365, remote monitoring, and business continuity—critical as 43% of cyberattacks target SMBs annually.[2][4] Market forces like ransomware growth and cloud adoption favor local providers offering affordable, non-vendor-locked support over big MSPs.[5] By prioritizing Minnesota SMBs, Passkey influences the ecosystem through owner-led advocacy in IT standards and grants, helping regional firms stay resilient without enterprise-level overhead.[1]
Passkey Technology's steady, client-focused model positions it well for sustained SMB demand in cybersecurity and managed services, potentially expanding Microsoft 365 integrations amid passkey authentication trends (unrelated FIDO-based tech gaining traction for passwordless logins).[3][4] Upcoming shifts like AI-driven threat detection and hybrid cloud could amplify its role, with Bret's industry ties aiding adaptation. As SMB digitization accelerates post-2025, expect modest growth through referrals and local partnerships, solidifying its niche as a reliable "second opinion" advisor in Minnesota's tech support landscape—echoing its 1991 roots in practical, relationship-driven IT.
