London: Keyless, a privacy-enhancing biometric authentication and identity management startup, has announced closing a funding round of approximately €1.8 million. The funds will be used to accelerate its mission to end large-scale data breaches caused by compromised login credentials.
“We cannot underestimate the security risks of remote working – without a solution that combines a zero-trust framework with biometric multi-factor authentication, corporate systems and databases are at risk of being compromised in large-scale, sophisticated hacking and phishing attacks,” said Andrea Carmignani, Chief Executive Officer at Keyless.
Keyless’ first product, the Keyless Authenticator app, eradicates reliance on weak authentication methods like usernames and passwords, which are a leading cause of hacks and breaches. Using the app, employees and users can securely access remote and contactless systems simply by looking into the camera of their trusted device.
By leveraging secure multiparty computation – a privacy-enhancing cryptographic technique – nodes in Keyless’ distributed cloud network authenticate users in milliseconds without ever exposing raw biometric data, guaranteeing privacy. The solution is device and cloud-agnostic, meaning it can be quickly integrated with current security systems and rolled out regardless of what devices employees own.