Keyless, a biometric authentication and identity management
platform, raised US$2.2 million in a pre-seed round led by blockchain venture
firm Gumi Cryptos Capital.
Ripple
Labs, Blockchain Valley Ventures, and LuneX also participated in the round,
which brought the startup’s total capital raised to US$2.5 million.
Singapore-based Keyless provides an authentication system that
combines biometric authentication methods with privacy-preserving distributed
computation and zero-knowledge cryptography.
Its
platform eliminates the need for businesses to centrally store and manage
passwords, personal cryptographic keys, and any other authentication data –
without skimping on security.
Data breaches pose a serious threat to consumers and
organizations alike. To mitigate this, Keyless does not store any biometric
data on centralized servers,” said co-founder and chief technology officer
Paolo Gasti.
Using
the new funds, the cybersecurity startup plans to develop the world’s first
distributed biometric authentication solution aimed at eliminating the need for
passwords.
Prior
to its pre-seed round, Keyless spent a total of six months in incubation at
blockchain and cybersecurity-focused startup accelerators LongHash and Cylon.
The
company also began beta testing and integrations for its first product – a
desktop authentication platform – Keyless Authenticator. It claims that the
platform is fully compliant with Cyber Hygiene regulations, which are
due to come into effect in Singapore next year.
Gumi,
a Japan-based mobile game publisher and developer, launched the US$30
million Gumi Cryptos fund in May 2018, which invests in promising
blockchain and cryptocurrency companies across the globe. The venture fund also
previously said that it will give its investees “unique access” to Japan’s
market.
