Victoria-based cybersecurity startup Plurilock begins trading on TSXV


Plurilock Security, a Victoria-based startup focused on behavioural-biometric cybersecurity tools has launched on the TSX Venture Exchange (TSXV).

Trading began on Thursday, with the Plurilock team opening the exchange (virtually) on Friday. Plurilock is now listed on the TSXV under the ticker symbol ‘PLUR.’

“We have made significant progress…putting ourselves in a position to scale our organization and become a leader.”

Plurilock uses behavioural biometrics and AI to provide continuous authentication, rather than login-based authentication for logins. Users are continuously authenticated as they work based on patterns in their keystrokes and mouse movements. They are identified when they first log on and identities are confirmed throughout the day in the background.

Founded in 2016 and spun out from the University of Victoria, Plurilock brought its products to market in 2017. The company’s goal is to transform the cybersecurity market. According to the startup, its tech allows for both greater convenience for users and “significantly enhanced security” for enterprise customers. Plurilock aims to service customers that include the government, financial, and other regulated industries that face sophisticated threats.

Ian L. Paterson, CEO of Plurilock, called the launch on the TXSV a “key milestone” in the startup’s development.

RELATED: Plurilock surpasses $1 million in revenue for biometric authentication software

“Since [2017], we have made significant progress in growing our customer base, strengthening our operations, assembling a world-class team, and putting ourselves in a position to scale our organization and become a leader in the authentication market,” Paterson said.

According to Crunchbase, Plurilock has raised more than $5 million to date. This includes $120,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), which Plurilock received earlier this year to support the development of passwordless authentication solutions that can be used for commercial, enterprise, and regulated cybersecurity applications.

The TSXV is a public venture capital marketplace for emerging companies, while the Toronto Stock Exchange serves as a traditional senior equity market.

Image source Pixabay

Meagan Simpson

Meagan Simpson

Meagan is the Senior Editor for BetaKit. A tech writer that is super proud to showcase the Canadian tech scene. Background in almost every type of journalism from sports to politics. Podcast and Harry Potter nerd, photographer and crazy cat lady.

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