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Innovatrics partners on biometric password manager, 1Password raises $100M

Innovatrics partners on biometric password manager, 1Password raises $100M

Innovatrics has partnered with cryptography and cybersecurity firm Crayonic to develop a password management system secured with fingerprint biometrics.

The new Crayonic KeyVault is a FIDO2-certified smart authenticator and digital identity wallet, according to the announcement, providing multiple security factors with a single device. Users can enter a PIN through a secure display, or use handwriting recognition or voice biometrics for authentication. The device can connect to a PC or mobile device through Bluetooth, USB or NFC.

Innovatrics supplies its small-area-matcher biometric algorithm for fast and accurate fingerprint verification on the device to support a decentralized security stance.

“It’s a huge challenge to produce a reliable algorithm in such a highly constrained environment and with only a fragment of the whole fingerprint. The fact that we have managed to do so manifests our long-term expertise,” states Jan Lunter, CEO and CTO of Innovatrics.

1Password secure $100M

1Password has raised $100 million at a $2 billion valuation in a funding round  led by Accel, VentureBeat reports.

The company’s software supports passwordless authentication through biometrics or physical tokens like Yubikeys, and Shiner says it will watch the development of passwordless technology closely.

“As an example, biometrics are ideal for authentication in many situations, as they literally convey your unique physical presence,” Shiner told VentureBeat. “But using biometrics widely opens up the question of what happens if data about, say, your fingerprints or face is stolen and can be manipulated by attackers to impersonate you. And while you can change your password on a whim, your face, fingerprint, voice, or heartbeat are much, much harder to swap out.”

The company was founded in 2005, but has made significant strides since shifting to address the enterprise market five years. 1Password also raised $200 million in 2019.

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