Bitwarden, an open-source password manager, has secured a USD 100 million investment from PSG, a growth equity firm, with participation from Battery Ventures.
The company claims that their investment demonstrates that password management will continue to play a crucial role in enterprise and consumer security for the foreseeable future. The investment, according to the business, shows that even though there are more options for passwordless authentication, improved password management may still be able to stop the onslaught of email phishing and credential theft.
The move comes as data indicates that 39% of Americans report having a high level of password fatigue. Users are finding it increasingly difficult to manage their online passwords.
Read More: Passwords aren’t dead yet. Bitwarden raises $100M for password management
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