Saving and remembering passwords is troublesome, and at times, dangerous from a security standpoint. That becomes even more of a problem when you’re a company managing several different cloud-based accounts.
That’s where San Francisco-based Meldium wants to help. The startup, which was founded last August in Seattle by former Microsoft and Amazon employees, just landed $1 million in fresh funding from Seattle-based Founders Co-op and Draper Associates.
Meldium, which graduated from the Y Combinator earlier this year, gives small and medium companies the tools to enable and disable employee access to different apps and services without the use of usernames or passwords — essentially, Meldium is ditching the old-school password spreadsheets for something better.
Its platform supports more than 700 different apps and allows users to log into all of these programs from a central dashboard. The company, which makes money via a freemium pricing structure, also supports the idea of “bring your own app,” where employees bring web apps from home to work to different companies.
“Apps such as Asana and GitHub have thrived in this new climate, but securing and managing these apps presents new challenges for IT departments,” Meldium wrote in a blog post. “Meldium was engineered from the beginning to encourage bottom-up app adoption without creating a shadow IT nightmare.”
Founders Co-op General Partner Chris DeVore penned a blog post today that provided some more insight into how Founders got involved with Meldium. DeVore, who wanted to invest in the startup early on, writes that he was “heartbroken” when Meldium moved to the Bay Area for the Y Combinator. But founders Anton Vaynshtok, Bradley Buda, and Boris Jabes kept the conversation going after graduating, which ultimately led to today’s round.
“It’s rare for us to invest in SF-based teams — that market is so saturated with seed investors of every flavor and description that it’s hard to see a differentiated role for us — but the Meldium team’s Seattle beginnings and our long working relationship made this an easy exception to the rule,” DeVore wrote.