November 29, 2023 at 10:54AM
British startup Keyless has raised $6 million led by Rialto Ventures, totaling $26 million in funding. Keyless, now independent from Sift, develops privacy-focused biometric authentication technology that ensures secure user identity verification without storing biometric data, aiding in compliance with data protection laws like GDPR.
Meeting Takeaways:
1. **Company Funding and Independence:**
– Keyless, a British startup specializing in biometric authentication technology, has raised $6 million in its latest funding round.
– Rialto Ventures led the new funding round.
– The total funding for Keyless is now at $26 million.
– Keyless has recently become an independent company, having spun out from its parent company, Sift, earlier this year.
2. **Technology and Product Offerings:**
– Keyless is developing technology aimed at unifying the identity lifecycle while protecting privacy using biometric authentication.
– The company is offering products that provide continuous identity verification starting from account creation, through various authentication steps, to transaction signing and account recovery.
– Keyless focuses on being compliant with PSD2 SCA (Strong Customer Authentication), which is important for transaction signing.
– Their tools are designed to prevent account takeover attacks and protect against identity theft.
– Keyless ensures its products are compliant with major global data protection and privacy regulations, including GDPR.
3. **Innovation in Biometric Profiles:**
– Keyless is working on creating universal biometric profiles that verify a user’s identity throughout the identity lifecycle without the need to centrally store any biometric data.
4. **Zero-Knowledge Biometrics Technology:**
– The company’s flagship technology, Zero-Knowledge Biometrics, enables secure authentication without storing biometric data.
– This technology allows multi-factor security checks with a single look at a camera, thus simplifying the authentication process.
5. **Market Relevance:**
– The note mentions the growing relevance of biometric solutions in the market by referencing Visa’s initiative to make biometrics easier for financial institutions and the emergence of new biometric products like the Token Smart Ring and support for passwordless sign-ins through Passkeys in Google accounts.
Key actions to take following the meeting may include:
– Monitoring Keyless’s progress as it deploys its raised funds in product development and market expansion.
– Evaluating Keyless’s zero-knowledge biometric technology for potential partnerships or use in relevant fields.
– Keeping abreast of regulatory compliance measures, such as GDPR and PSD2 SCA, to ensure synergies with Keyless’s technology.
– Considering the impact of similar market developments on Keyless’s business strategy and competitive positioning.