December 16, 2015 -
Behavioral biometrics firm, AimBrain, has raised £350,000 from London venture capital firm Episolde1, as reported by The Telegraph.
Its security technology was developed to learn and track how a person interacts with their mobile device, such as the speed at which one types, how hard they press or where they swipe on the screen, allowing the technology to determine if the user is who they really claim to be.
“Our vision of the future is that any device you interact with will know that it’s actually you,” said Andrius Sutas, co-founder and chief executive of AimBrain. “It will just work. You won’t need to remember any passwords.”
While the behavior-tracking software works best for continuous authentication, AimBrain will be launching facial recognition solutions in the near future, offering an alternative to a login password.
“I don’t think the password will ever fully go away,” said co-founder Alesis Novik. “But the policies around passwords will definitely change – having to choose 15 random characters will disappear.”
Sutas claims that multiple banks are currently trialling AimBrain, and the company recently won an Acceleration Award from the UBS Future of Finance Challenge, which will give AimBrain the opportunity to test its technology with the Swiss bank.
Biometrics Research Group, Inc. recently reported that the inclusion of biometrics in mobile devices will generate approximately US$9 billion worth of revenue by 2018 for the biometrics industry, not just through unlocking mobile devices through security applications, but also through multi-factor authentication services and the approval of instant electronic payments.