Keyless, a London and Singapore-based cybersecurity startup, has raised $2.2 million in pre-seed funding led by blockchain venture firm gumi Cryptos Capital. The other participating investors include Ripple Labs, Blockchain Valley Ventures and LuneX Ventures.
Keyless calls itself the world’s first distributed biometric authentication and identity management platform. It is in the midst of developing a deep tech solution which will tackle cybercrime and make passwords obsolete.
“Due to their complexity, passwords have become the weakest means of authentication. Not only are billions compromised in breaches every year – hackers are also figuring out how to bypass two-factor authentication systems that rely in-part on something the user knows- like passwords and recovery phrases,” said Andrea Carmignani, co-founder and chief executive officer of Keyless.
The company leverages cryptography to keep biometric data private and secure. This lifts the burden off of organisations which tend to rely on centralised servers to store sensitive data.
“These advanced techniques – which were once computationally impossible – allow for infinite pieces of encrypted data to be fragmented and distributed amongst our network. At no point in time will anyone in the Keyless network have access to a complete biometric profile. This means that data stored within Keyless’ network can never be stolen or lost,” said Paolo Gasti, co-founder and chief technology officer of Keyless.
Keyless has begun beta testing and integrations for its first product called the Keyless Authenticator. Prior to this, the company was incubated for six months under two Singapore accelerators known for their focus on cybersecurity and blockchain – LongHash and Cylon.