Cyber security start-up, Callsign, has raised US$35million in a recent sign of confidence in the UK tech sector

To let smartphone users confirm their identity, the technology dispenses with passwords and a “simple swipe”.

The software uses artificial intelligence to a build a picture of the user, and can blacklist devices involved in past fraud cases, which can be used with other authentication programmes such as ForgeRock.

The London firm’s customers include: Deutsche Bank, Lloyds and government agencies, giving other banks and institutions the ability to identify staff and customers online, without the need for “time consuming two-factor authentication”.

CEO and founder of Callsign, Zia Hayat, announced that the software can detect an unauthorised attempt to sign on a device.

Former CEO at McAfee and FireEye, David DeWalt, said: “Zia and his exceptional product and engineering team have built the foundations of a very solid business.

“They are pioneering a new approach to authentication with a powerful product that is quickly attracting some of the world’s leading businesses as customers.”

Callsign was also valued at more than US$100million by the private equity firm, Accel.

Written by Leah Alger