Keyless, a London-based cybersecurity startup, has raised $2.2 million in pre-seed funding led by blockchain venture firm gumi Cryptos Capital.
The cyber security startup alleges to be the first company that blends biometric data with secure multi-tenancy computations globally.
Other investors that took part are Ripple’s Xpring, LuneX and Blockchain Valley Ventures.
“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, reported Deal Street Asia.
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.