Plurilock launches mobile app for behavioral biometric security, reports Q3 results

Cybersecurity company finances steady through difficult 2020

iphone in use

Plurilock has announced a new mobile app for iOS and Android mobile devices featuring its typing-based behavioral biometrics.

Plurilock Mobile will now be offered as part of ADAPT, the company’s invisible multi-factor authentication (MFA) solution.

“Plurilock’s mobile app complements ADAPT and enhances its ability to identify users under different circumstances, resulting in ADAPT being a stand-alone login authentication solution,” explained Plurilock CEO Ian L. Paterson.

ADAPT uses a combination of behavioral-biometrics and machine learning to identify users based on specific movement patterns in their typing style.

Traditionally, the solution is capable of authenticating users without the need for SMS codes, USB authenticators, or other forms of multi factor authentication (MFA).

The introduction of Plurilock’s new mobile app will now allow users to authenticate themselves even in cases where they are temporarily incapable of using biometrics to verify their identity.

“Organizations no longer need to consider other alternatives for back-up authentication to overcome situations in which users cannot authenticate themselves biometrically. We are pleased to offer this functionality to our clients going forward,” Paterson added.

Plurilock Mobile is already available on the Google Play Store and Apple App Store and is compatible with all recent iOS and Android devices.

Plurilock reports Q3 financial results

The cybersecurity company recently announced its financial results for the three and nine months ended September 30, 2020.

According to the new data, Plurilock has grown steadily throughout 2020, with a 29 percent increase in revenue over the past nine months to nearly CA$352,000 (roughly US$277,000), despite a 6 percent decrease over the last three months, compared to the same period a year ago, to $169,000 ($133,000). Gross margins were down slightly for both periods, adjusted EBITDA was a loss of approximately $276,000 ($217,000) for the quarter and a loss of $1.3 million ($1 million) over the past nine months, compared to losses of $256,000 ($201,000) and $1.1 million ($866,000) over the same intervals a year ago.

Plurilock has meanwhile announced a grant of stock options to officers, employees, a new advisor and a new consultant. The options cover a total of 1,480,000 common shares at the exercise price of $0.35 ($0.28), over a ten-year term.

The company also went public on the Toronto Stock Exchange’s Venture Exchange in September through a reverse takeover of Libby K Industries Inc., and secured some substantial funding.

“Despite the global headwinds caused by pandemic, we were able to secure $2.6M in funding in September 2020,” Paterson said.

With the new funds, Plurilock intends to expand its offering further, both geographically, and in terms of experimentation with new cybersecurity technologies.

“With funds now in hand, we are able to execute on our organic growth strategy by expanding our sales force to cater to a growing and global customer base of mid to large-sized enterprise companies in need of an authentication solution,” the CEO said.

Plurilock will now also start pursuing a transformative acquisition strategy to continue broadening the company’s asset mix of cybersecurity tools.

Beyond the investments and listing, the third quarter of 2020 was an eventful time for Plurilock.

In July, the company was awarded a new contract by the U.S. Department of Homeland Security to continue the development of advanced machine-to-machine authentication and anomaly detection tools.

And in August, Plurilock was awarded advisory services and funding from the National Research Council of Canada Industrial Research Assistance Program for a research and development project.

 

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