- Using decentralized biometrics, Anonybit’s Genie, an integrated identity management platform, unifies the identity lifecycle by linking digital onboarding to authentication and account recovery along the user journey.
- Biometrics, private keys, and other digital assets are encrypted by Genie and distributed across a peer-to-peer network of nodes.
The decentralized biometric identification platform startup Anonybit Inc. recently announced that it secured USD 3 million in new funding for its privacy-by-design identity management solutions for businesses fighting data breaches and account takeover attacks.
The decentralized biometric identification platform created by Anonybit in 2020 is designed to protect personal data and digital assets. The company claims that “Genie,” its integrated identity management platform, is the first privacy-by-design offering that links the entire use lifecycle, from digital onboarding to authentication, to close the gaps misused by cybercriminals.
Using decentralized biometrics, Anonybit’s Genie unifies the identity lifecycle by linking digital onboarding to authentication and account recovery along the user journey. The approach can prevent fraudulent use of synthetic identities and account takeovers, supporting many enterprise use cases.
Biometrics, private keys, and other digital assets are encrypted by Genie and distributed across a peer-to-peer network of nodes. The system then performs decentralized matching functions using multi-party computing and zero-knowledge proofs.
The Decentralized Biometrics Cloud engine that powers Genie assists businesses in implementing decentralized storage and matching facilities. The platform supports third-party algorithms for decentralized 1:1 validation and 1:N identification for multiple biometric modes, such as face, voice, fingerprint, and iris. It can be implemented as either a standalone solution or an integrated offering.
Anonybit Co-founder and Chief Executive Officer Frances Zelazny said before the announcement, “We all read the headlines and continue to be alarmed by the rapid pace of increased fraud, which suggests that existing solutions are mere Band-Aids. When thinking about the root cause, it boils down to two things. Personal data is stored in central honeypots that are impossible to protect, and we allow the use of this data to authenticate ourselves.”
It is an endless cycle, he added. “Many players in the industry aim to expand their offerings to address more comprehensive use cases in identity, but only Anonybit can get us out of the current paradigm by making it safe to store biometrics,” Zelazny stated.
The new funding was led by JAM FINTOP Inc., with participation from Connecticut Innovations Inc. Anonybit has raised a total of USD 8 million, including the new funding.