Identity verification platform Keyless has reportedly scored $2.2m in pre-seed funding which was led by Gumi Cryptos Capital.
Other contributors to the round included Ripple, Blockchain Valley Ventures, and LuneX, according to an article from Tech in Asia.
The Singapore-based RegTech combines privacy with zero-knowledge cryptography to improve biometric authentication methods. The technology supports biometric authentication for business customers, users and employees.
As the information is stored on a zero-knowledge decentralized architecture, the information cannot be stolen or lost because it cannot be accessed through the network.
Following the close of the round, the company has raised a total of $2.8m in funding, it said.
Identity verification is set to be a colossal sector over the next decade. In Europe alone it is believed to be valued at $1.46bn, but this is expected to double by 2027 to hit $4.4bn. Reasons for its significant growth is being put towards the growing demand for cybersecurity solutions.
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