Proxy Raises $42 Million for Phone-Based ID System

Proxy sells a mobile phone app that broadcasts an identity signal, avoiding the need for keys, ID cards or passcodes. It’s secure in that the signal is a single-use, encrypted token that only makes sense to user-authorized devices. But all bets are off if a phone gets lost or the user just wants a few moments of privacy. Anyway, they just raised a $42 million Series B, bringing their total to just over $60 million.