Photo - Keyless Technologies
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Keyless Technologies

Zero-Trust Passwordless Authentication

United Kingdom
Market: Internet and IT, Blockchain, Artificial Intelligence, Mobile applications
Stage of the project: Operating business

Date of last change: 19.06.2020
Min investment
$  500.000
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Total required
$ 10.000.000
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Idea

Keyless is a deeptech, cybersecurity company building the world's first privacy-preserving biometric authentication and personal identity management platform.

With Keyless, businesses are finally able to adopt zero-trust security, eliminate passwords, ensure privacy compliance and deliver unified authentication experiences across every touchpoint.

Current Status

Recently, Keyless worked with our first client LUISS University, a renowned European university, to allow students to sit for examinations in remote conditions. Keyless built products for both workforce and consumer authentication, raised USD3+M in funding, signed several large enterprises as initial customers, partnered with Gartner and leading system integrators and leading system integrators.
We are currently in commercial discussions to start several large scale POCs with multinational enterprises. We expect to convert these POCs in pilots with subsequent staged roll-out

Market

Our main customers are enterprises who like to offer a better user experience across their authentication workflows, both internally for their own workforce, and externally for their customer and user base, without compromising on privacy and security. These are CISOs, Compliance Officers, Product Managers and Identity and Access Mgmt - across industries, yet focused around banking and payments, where open banking directives such as PSD2 and privacy-regulations such as GDPR, etc. are important.

Problem or Opportunity

We believe in empowering people in a highly interconnected world, where physical and digital experiences converge and blend together. One where people and technology connect with peace of mind, and where users are in control of their personal data without the fear of data breaches, privacy violations or hacks.

In an era where personal information is no longer private and passwords are commonly reused, stolen or cracked with various tools, the traditional scheme of protecting access to data and services by username and password has repeatedly proven to be inadequate. Nearly 40% of breaches compromise passwords and over 80% of attacks involve the use of stolen or weak credentials. Usernames and passwords are not only a weak and outdated authentication method, they are also becoming a burden for the user, who is forced to remember dozens - if not hundreds - of combinations.


Solution (product or service)

Keyless is building the world's first privacy-preserving biometric authentication and personal identity management platform. We are the first to combine biometrics with secure multi-party computation. Our solution eliminates the need for businesses to centrally store and manage biometric data, passwords, personal cryptographic keys and any other sensitive information without compromising on convenience and privacy.

With Keyless, users’ biometric data is never at risk of falling into the wrong hands because it is always stored in encrypted format, and Keyless does have access to the decryption keys. Our team can achieve this by combining state-of-the-art biometrics with zero-knowledge cryptography and secure multi-party computation. This unique combination empowers users by giving them complete control over their personal data, while enabling companies to seamlessly authenticate users, without the burden of storing sensitive information. With Keyless, security does not mean compromised user experience. Users simply show their faces to their devices to access their funds, accounts, and personal information. No more complex enrollment steps, or hard to follow authentication procedures.

Competitors

In the authentication space the incumbent is Okta (+10Bn listed company), which is partnering with the Israeli Secret Double Octopus (similar security / cryptographic technology of Keyless, without the user-friendly biometric component), followed by Auth0 (recently raised +100m), which is leading the 2-FA (SMS based) adoption.

In the innovation space, from a technical perspective, few competitors:

• NuID (USA), trustless authentication and decentralized digital identity. Leverages zero-knowledge proof (ZKP) to eliminate the need for businesses to store passwords and other authentication credentials - Raised $4.1m from Jemison, 8VC and Kairos.
• HYPR (USA), provider of Passwordless Security. Supports various biometrics solutions but does not use SMPC - Raised $13.8m + $18m from RTP Ventures, RRE Ventures.
• Enigma (MIT spinoff) implements on-chain solutions to address privacy
and computation challenges of public blockchains while Keyless is focused on providing an identity-specific rather than general-purpose decentralized privacy-preserving computation protocol (including biometric authentication processes) – Raised + $20m ICO

Advantages or differentiators

As primarily claimed, Keyless is building a privacy-first biometric authentication and identity management platform that eliminates the need for businesses to centrally store and manage passwords, sensitive cryptographic keys and other authentication data without compromising on convenience and privacy for their users.

Keyless’ novel network-based biometric authentication combines the security profile of a decentralized system with the availability of cloud-like architectures. This innovative approach addresses previously intractable problems around traditional authentication (i.e. the use and storage of secrets), secure and private biometric authentication and key management (e.g. key recovery and revocation processes), while also providing a significant improvement in usability and convenience. Keyless is a password-free solution designed with privacy in mind.

Keyless provides seamless user experience without compromising privacy and security. Keyless is designed to provide the highest possible level of data protection. Keyless nodes do not store, process, or have access to plain biometric data, or to any personally identifiable information (PII). No sensitive information is stored on the user's device, nor in a central database, making data breaches impossible and giving users control over their personal data.

Finance

Keyless is a deeptech cybersecurity company providing software solutions as a B2B service under license to enterprise customers. Given the evolutionary stage of the company, we monitor a set of pipelines, revenues and profitability KPIs, as well as KPIs associated with technology development. We expect 50m revenue in 5 years time.

Business model

Keyless offers a suite of products for workforce and consumer authentication use cases. Our business model involves a subscription fee (SaaS) based on the number of users at different tiers. We price based on per authentication, per user/month and licensing.

Money will be spent on

The funds will be used to add further technical capabilities such as behavioral biometrics, key management and recovery capabilities to our core platform, build out various enterprise system integrations, complete the research and IP protection of our novel distributed biometric hashing protocol and build out a working MVP, and scale our R&D, product and sales teams to accelerate our go-to-market across Europe from workforce to consumer authentication, and a gradual expansion into Asia and the booming payments markets.

Team or Management

Risks

More authentication competitors with new technology may emerge. Keyless has to keep up with cutting edge technology.

Incubation/Acceleration programs accomplishment

Cylon, Longhash, C5 Accelerate, LORCA, Plug&Play, Mastercard Lighthouse, London & Partners, hub:raum

Won the competition and other awards

-Top 10 Cybersecurity Companies Award by Enterprise Security Magazine.
-Selected for ESCO Cyber Investor Days 2020
-Won Southern European Star 2020 in the B2B Category
-Won Webit Cybertech Innovation Week: Founders Games Investors Demo Day

Invention/Patent

We are the first in the world to combine biometrics with secure multiparty computation and zero-knowledge cryptography, that is more than 300x faster than any general-purpose MPC solution that exists in the market, and does not drain the battery of any device. This makes it possible to offer a truly unique, next-generation authentication solution based on this privacy-preserving security technology. Patents filed and pending; 3 provisionals filed.

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video