London-based cybersecurity startup Keyless raises over $2.2 million in funding to further its private key security product using encrypted biometric data, attracting Ripple, LuneX, Blockchain Valley Ventures and gumi Cryptos Capital
- Keyless received investments from LuneX, Blockchain Valley Ventures, and others
- Ripple believes that this type of cybersecurity could be helpful to the cryptocurrency industry
The security of the tech industry is crucial. Whether the sector covers financials, advancements, or networks, cybersecurity is a necessity, which is the focus of a new startup called Keyless. Keyless has already held a seed funding round, bringing in $2.2 million as it works to expand on a new product that uses encrypted biometric data to unlock the private keys of users.
The firm, which is based in London, states that they are the first company in the world that applies biometrics to cryptography. In doing so, it has managed to gain the attention of investors like Cryptos Capital, Ripple’s Xpring, Blockchain Valley Ventures, and LuneX.
Paolo Gasti, the co-founder and chief technology officer of Keyless, stated,
“We don’t want the network to spy on user biometrics. This way the authentication happens right there and wasn’t just a session replay of previous authentication.”
Now, the beta testing has ended, and the firm has completed the integration with two crypto wallet customers for the Keyless Authenticator, according to Gasti. The technology will offer a defense for the personal data that users store on cloud, mobile, and internet-of-things networks. Gasti added that the Keyless system is presently working to integrate two other firms, hoping to launch the Keyless Authenticator by the end of this year.
Ripple’s Xpring chose to invest in Keyless for the versatility of the program to be used in multiple industries, like cryptocurrency.
Speaking with CoinDesk, Senior VP Ethan Beard of Xpring stated,
“During our technical review, we found Keyless’ solution to be clever and well thought out. We believe Keyless’ solution will be particularly welcomed by wallet providers and exchanges to accelerate the verification process for crypto holders.”
Keyless lets consumers split up various pieces of biometric information – like voice or fingerprint – with the use of multi-party computation. It also uses encrypted details from a machine-learning algorithm, which is used to identify the information to send across multiple nodes, which are run by both the user and the companies on the network.
The technology is still being experimented upon, but Gasti believes that each user will ultimately have five nodes linked on their account, with three of those nodes needing to correlate before decrypting biometric details. The process only takes about 100 milliseconds, which is a fraction of the speed in other processes.
“We’ve known since the 1980s that this was possible … and we’ve been working on this for ten years. The product allows low-latency execution without having any effect on security.”