London-based startup Keyless, which offers secure, privacy-preserving biometric authentication, has secured $2 million in funding from Experian Ventures and Rialto Ventures. The funding will support its expansion in North America.
- Founded in 2019 by Andrea Carmignani and Fabian Eberle, Keyless develops privacy-preserving biometric authentication solutions that eliminate the need to store biometric data.
- Keyless’s Zero-Knowledge Biometrics™ technology enhances security and user experience by verifying identities with a simple selfie, independent of devices. Its passwordless MFA safeguards against phishing, SIM-swapping, and OTP fraud while ensuring compliance with GDPR and PSD2-SCA regulations.
- According to the startup, its solution delivers a 73% reduction in account takeover (ATO) fraud, operates three times faster than traditional biometric MFA, and reduces help desk costs by 81%. Additionally, the startup achieved over 700% year-over-year growth in 2024.
“2024 was a transformational year for both Keyless and the broader industry. At Keyless, we have already seen a significant shift in the adoption of privacy-preserving biometrics that can reduce fraud whilst improving the user experience at the same time. We’re looking forward to what 2025 will bring," claims Andrea Carmignani, co-founder and CEO of Keyless.
Details of the deal
- The strategic funding round was led by Experian Ventures, a venture capital firm with offices in Silicon Valley, London, Singapore, Costa Mesa, and Sao Paulo, along with Milan-based VC firm Rialto Ventures.
- The startup plans to use the funds to expand across North America, attract more customers, and enhance its privacy-preserving solutions, including tackling deepfake attacks and developing new biometric authentication features.