Keyless cyber security startup raised $ 2,2 million in initial funding to expand a security product that unlocks access to users' private keys with encrypted biometric data.
The London-based company claims to be the first in the world to combine biometrics with secure multiparty computing and has attracted investors such as the venture-led gumi venture fund Cryptos Capital, as well as Xpring, Ripple, Blockchain Valley Ventures and LuneX from Ripple.
“We don't want the network to spy on user biometrics,” said Paolo Gasti, Keyless co-founder and chief technology officer. "So the authentication happens right there and it wasn't just a repeat of a previous authentication."
The cyber security company has completed beta testing and two-wallet client integrations for its first product, Keyless Authenticator, Gasti said. Authentication technology is said to protect personal data in cloud, mobile and IoT technologies.
Keyless is in the process of integrating with two other companies to launch Keyless Authenticator to the public by the end of the year, Gasti added.
Ripple's Xpring has invested in Keyless because of its cross-industry adoption potential, especially in encryption, said Xpring Senior Vice President Ethan Beard.
“During our technical analysis, we found that Keyless's solution was smart and well thought out,” he told CoinDesk by email. "We believe Keyless's solution will be particularly welcomed by wallet and exchange providers to speed up the verification process for encryption holders."
Using secure multipart computing, Keyless allows the user to split encrypted pieces of biometric information - face, voice, or fingerprint - as well as encrypted parts of a machine learning algorithm that identifies this information and sends the encrypted details to multiple nodes. . The nodes are run by the user and the companies on the Keyless network.
While the company is still experimenting with the technology, Gasti expects each user to have five nodes associated with their account. Three of these five nodes would have to reach consensus before biometric information was decrypted.
Keyless is announcing the speed of product authentication. Although this process was performed by scientists in 20 for 30 seconds in the past, Gasti claims that Keyless has reduced the calculation to less than 100 milliseconds.
“We knew from the 1980 years that this was possible… and we've been working on it for ten years,” said Gasti, adding:
"The product allows for low latency execution without affecting security."
Image fingerprint via Shutterstock