Biometric cybersecurity startup receives funding from Ripple

Thursday 31 October 2019 11:11 CET | News

Keyless, a cybersecurity startup, has received USD 2.2 million to expand a security product that unlocks access to users’ private keys with encrypted biometric data.

The UK-based startup combines biometrics with secure multi-party computation. So far it has attracted investors like venture fund gumi Cryptos Capital, which led the round, as well as Ripple’s Xpring, Blockchain Valley Ventures and LuneX.

The cybersecurity company has finished beta testing and integrations with two crypto wallet customers for its first product, the Keyless Authenticator. The authentication technology is said to protect personal data across cloud, mobile, and internet-of-things (IoT) technologies.

Using secure multi-party computation, Keyless allows the user to split up encrypted parts of biometric information (face, voice or fingerprint) together with encrypted parts of a machine-learning algorithm that identifies that information and sends the encrypted details to multiple nodes. The nodes are run by the user and companies on the Keyless network.

Even if they are in the testing phase, the company expects each user to have five nodes associated with their account. Three out of those five nodes would have to come to consensus before the biometric information is decrypted. 

Keyless is in the process of integrating with two other companies, aiming to launch Keyless Authenticator to the public by the end of 2019. Ripple’s Xpring invested in Keyless because of its potential for adoption in multiple industries, especially crypto.

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Keywords: Ripple, biometrics, Xpring, Keyless, nodes, authentication, encrypted, secure multi party computation, funding, Keyless
Categories: DeFi & Crypto & Web3
Countries: Japan
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DeFi & Crypto & Web3