Cybersecurity Start Keyless raised $ 2.2 million in initial funding to extend a security product to unlock access to users' private keys containing encrypted biometric data.
The London-based company claims to be the first in the world to combine biometrics and cryptography and has attracted investors such as venture capital fund Gumi Cryptos Capital, which led the series, as well as Ripple's Xpring, Blockchain Valley Ventures and LuneX.
"We do not want the network to spy on users' biometrics," said Paolo Gasti, co-founder of Keyless and director of technology. "So, authentication takes place here and is not just a session repeat of a previous authentication."
The cybersecurity firm has completed beta testing and integrations with two encrypted wallet customers for its first product, Keyless Authenticator, Gasti said. Authentication technology is supposed to protect personal data via cloud, mobile and Internet of Things technologies.
Keyless is 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 adoption potential across many industries, including cryptography, said Xpring senior vice president Ethan Beard.
"During our technical review, we found the Keyless solution to be smart and well thought out," he told CoinDesk via email. "We believe that the Keyless solution will be particularly welcomed by portfolio providers and stock exchanges to speed up the verification process for crypto holders."
Using secure multipartite computations, Keyless allows the user to split encrypted biometric information parts – their face, voice or fingerprints – as well as encrypted parts of a machine learning algorithm that identifies this information. and sends the encrypted details to multiple nodes. . Nodes are managed by the user and businesses on the Keyless network.
While the company is still experimenting with technology, Gasti expects each user to have five nodes associated with his account. Three of the five nodes should reach consensus before the biometric information is deciphered.
Keyless extols the product's authentication speed. Although this process has already been performed by scientists between 200 and 300 milliseconds, Gasti claims that Keyless has reduced computations to less than 100 milliseconds.
"We have known since the 1980s that this was possible … and we have been working on it for ten years," said Gasti, adding:
"The product enables low latency execution with no security impact."
Fingerprint image via Shutterstock