UK-based startup Keyless has successfully concluded a significant funding round, raising $6 million led by Rialto Ventures. This marks a notable milestone for the company, recognized for its innovative biometric authentication technology, following its recent independence from the parent company Sift earlier this year.
Keyless specializes in redefining identity verification processes, encompassing initial onboarding, account creation, transaction signing, and account recovery. One distinguishing feature of their technology is its alignment with stringent privacy standards such as the GDPR.
The recently secured funding is pivotal for Keyless, representing its first major financial initiative post-independence. The company aims to utilize the funds to enhance its biometric authentication solutions, with a particular focus on developing universal biometric profiles. This strategic direction aims to offer reliable identity verification throughout the lifecycle without the necessity of storing sensitive biometric data.
Keyless’ flagship product, Zero-Knowledge Biometrics, stands out for its ability to provide high-level multi-factor security without retaining biometric data. This approach addresses challenges associated with account takeover attacks and identity theft.
The company’s commitment to global data protection and privacy regulations positions it as a noteworthy player in the digital security landscape. The $6 million in funding supplements the $20 million previously raised in various funding rounds, indicating sustained investor confidence in Keyless’ vision and technological capabilities.
Stefano Quintarelli, General Partner at Rialto VC, acknowledges Keyless’ potential in addressing the urgent need for end-to-end authentication solutions. He emphasizes the significance of this capital infusion in advancing Keyless’ market strategy and expanding the adoption of their private-by-design biometric authentication solutions.
Keyless stands out for unifying the entire end-to-end identity lifecycle with its privacy-preserving biometric authentication technology. From initial onboarding and account creation to step-up actions, transaction signing, and account recovery, the patented technology enhances security and ensures compliance with global data protection and privacy regulations such as the GDPR.
Andrea Carmignani, co-founder and CEO of Keyless, highlights the evolving authentication landscape in Europe, emphasizing the inadequacy of current methods, particularly during account recovery. Keyless, with its privacy-preserving cryptographic capabilities, creates universal biometric profiles without storing biometric data, providing superior security while preserving user privacy.
Carmignani emphasizes the need for a shift in authentication, pointing out the limitations of existing solutions like FaceID. Keyless, uniquely positioned to address these limitations, offers a solution that verifies the true identity of the individual.
The startup’s independence from parent company Sift earlier this year proves strategic, allowing Keyless to better serve the increasing demand for its biometric authentication solutions, especially in high-profile sectors such as banking and financial services. This latest funding round reaffirms Keyless’ commitment to reshaping the authentication landscape in the rapidly evolving digital era, fueled by the increasing adoption of its flagship Zero-Knowledge Biometrics™ technology.
As Keyless looks ahead, the funds will be instrumental in further refining and expanding its biometric authentication solutions. This objective-driven approach underscores Keyless’ role as a contributor to the ongoing evolution of identity verification technology.
