Despite the challenges caused by the COVID-19 pandemic and increasing economic uncertainty, new startups are founded every day. To introduce you to 5 recently founded startups, we analyzed 1.068 biometrics startups in total. All of them develop innovative solutions spanning from identity-based blockchain and secure wallets to cyber-attack detection.
The 5 promising biometrics startups you should watch in 2021 were hand-picked based on our data-driven startup scouting approach, taking into account factors such as location, founding year, and relevance of technology, among others. The 1.068 companies that were analyzed for this report are identified using the StartUs Insights Discovery Platform, covering 1.379.000+ startups & scaleups globally. When you are looking for up-to-date biometrics solutions for your innovation units, R&D, or product development department, the StartUs Insights Discovery Platform gives you the most exhaustive collection and ensures you continuously discover new startups, scaleups, and technologies.
Global Startup Heat Map: 5 Biometrics Startups to Watch in 2021
The Global Startup Heat Map below highlights 5 biometrics startups, developing technology-driven solutions for various industries. Moreover, you can explore global hotspots for biometrics startups and even download this graphic to include in your next presentation.
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Numio develops Identity-based Blockchain Technology
Blockchain provides security and transparency to transactions. However, most transactions are limited to peer-to-peer (P2P) exchanges, with few cases of systemic adoption. On the other hand, current identity-based services suffer from data insecurity and fraudulent identities. Identity-based blockchain technology addresses both of these issues by linking cryptocurrency assets with biometrics-based identification.
Numio is a US-based startup that develops identity-based blockchain technology. The Numio Authenticator uses a combination of public-key cryptography and on-device biometrics to secure user identities. The startup’s non-custodial mobile wallet app also features two-factor authentication with a quick-response (QR) code and biometrics. It allows users to share data with financial institutions without the risk of data getting leaked.
PASSiD secures Digital Payments
As P2P payments become widespread, people are increasingly using mobile wallets. While these make in-store payments easy, there is a risk of financial fraud in cases of loss or theft of mobile phones. To address this, mobile wallets are integrating biometrics-based verification in their apps. It also allows businesses to verify their customers before processing requests.
Egyptian startup PASSiD offers a biometric-secured digital wallet. It takes a 3D scan of the face to create a biometric profile, allowing users to save a recovery key. The app also allows users to make faster payments in stores by linking payments to biometrics. It enables businesses to set up omnichannel identity verification and accept payments.
GetID enables Know Your Customer (KYC) Compliance
Telecommunication and financial companies utilize KYC solutions to verify the identity of customers before onboarding them. It is a costly process for small mobile network operators and FinTech companies and still poses the risk of fraud. Moreover, many customers do not favor the overreach of the process or do not have a permanent address to meet the KYC conditions. Startups are integrating biometrics in the KYC process to make it easier for both customers and businesses.
Estonian startup GetID develops identity verification software for KYC compliance. The startup’s product allows telecom companies to securely onboard prepaid customers via an online platform. It deploys biometric facial recognition to reduce the risk of data manipulation or fraud. This allows companies to stay compliant with local regulatory requirements while increasing sign-up rates.
Mobai builds solutions for Cyber Attack Detection
Startups and companies face cyber attacks routinely, putting business and user data at risk. Forgetting keys or passwords also locks businesses out of their data, incurring further costs. To address this, cybersecurity solutions incorporate biometrics as an additional layer of security. These solutions analyze the biological, behavioral, or morphological biometrics to verify user identities.
Mobai is a Norwegian startup building solutions to enhance cyberattack detection. By combining face, iris, and ocular recognition, the startup’s Multimodal Biometric Authentication solution provides strong security and privacy protection. It detects imposter attacks and even morphed images. Moreover, the solution does not store any biometric information on the server, making it compliant with privacy protection regulations.
Fenomatch provides In-vitro Fertilization (IVF) Donor Matching
Millions of couples globally, suffering from infertility inherited genetic disorders, or other reproductive health conditions, seek IVF every year. In recent years, there has been an increase in requests for donors that resemble the parents. To this end, MedTech startups are utilizing biometrics to match donors with patients and increase the likelihood that the child resembles the parents.
Spanish startup Fenomatch uses biometrics to identify the right donors. The startup’s facial matching platform analyzes over 12.000 biometric measurements to find donors that resemble the patient. It allows IVF clinics to identify donors with both genetic compatibility and a facial resemblance. The platform is secure and is compliant with General Data Protection Regulation (GDPR).
How will Biometrics impact your company?
To stay ahead of the technology curve, it is important that you know which technologies and industry trends will impact your company. Explore our free Industry Innovation Reports or let us do the work for you. To keep you up-to-date on the latest technology and emerging solutions, we provide you with actionable innovation intelligence – quickly and exhaustively.
