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BREAKING NEWS
Source: Thailand Startup News  Nov 04, 2019

Singapore Cybersecurity Startup, Keyless Secures US$2.2m In Pre-Seed Funding

Singapore Cybersecurity Startup, Keyless Secures US$2.2m In Pre-Seed Funding
Source: Thailand Startup News  Nov 04, 2019
Singaporean cybersecurity startup: Keyless, a biometric authentication and identity management platform, raised US$2.2 million in a pre-seed funding round led by blockchain venture firm Gumi Cryptos Capital.


 
Venture Groups like Ripple Labs, Blockchain Valley Ventures, and LuneX also participated in the pre-seed funding round, which brought the startup’s total capital raised to US$2.5 million.
 
The startup, Singapore-based Keyless provides an authentication system that combines biometric authentication methods with privacy-preserving distributed computation and zero-knowledge cryptography.
 
The startup’s platform eliminates the need for businesses to centrally store and manage passwords, personal cryptographic keys, and any other authentication data without skimping on security.
 
Co-founder and chief technology officer of Keyless, Paolo Gasti in an exclusive interview told Thailand Startup News, “Data breaches pose a serious threat to consumers and organizations alike. To mitigate this, Keyless does not store any biometric data on centralized servers. 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 ie the 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.
 
Gumi Cryptos Capital, the venture firm that backed Keyless in its pre-seed funding said that it was confident of Keyless strategies and business potential and believe that it would scale up suing the funds that it just acquired.
 
Gumi Cryptos has backed numerous cryptocurrency companies such as OpenSea,  Spacemesh, ZenLedger, Wificoin, and Evercoin and also capitalizing itself to go on a major funding spree for startups in 2020.