GHOSTPASS Secures Pre-Series A Funding for Decentralized Biometric Security
GHOSTPASS, a Korean decentralized biometric security solutions company, has successfully raised undisclosed funding in a pre-Series A round from the Korean Technology Finance Corporation (KIBO) and Oracle Venture Investment.
The company’s decentralized remote biometric authentication solution addresses the global issue of personal information hacking and data breaches, along with the associated ethical and regulatory challenges. Distinctively, GHOSTPASS enables individuals to store and control their biometric data directly on their personal smart devices, ensuring that no third party can access it.
In a climate of heightened regulations around personal information, GHOSTPASS’s solution has gained recognition for its technological superiority. The company is currently engaged in Proof of Concept (PoC) and partnership projects with various entities, including KOMAX, smart home IoT, security firms, and construction companies. There are plans to commercialize products incorporating its decentralized biometric authentication solution, such as smart door locks, as early as this year’s first half. Additionally, GHOSTPASS participated in CES 2024 in Las Vegas from January 9 to 12, where it won an innovation award in the Smart City category and attracted significant interest from international buyers.
With increasing regulations in Europe and North America against public recognition of biometric data, GHOSTPASS’s technology is particularly relevant and sought-after for addressing privacy concerns. The company is making strides in global expansion, having recently completed the registration of a U.S. original patent and a continuation application (CA) patent, in addition to securing a patent in Japan. Led by Chief Technology Officer Gu Seung-jin, key members are joining the international business support team to facilitate entry into global markets.
Lee Seon-gwan, CEO of GHOSTPASS, stated, “We have been preparing international patents from the development stage and now hold over 50 patents, ensuring the uniqueness and distinction of our technology. We are committed to accelerating the application of GHOSTPASS solutions across various sectors, leveraging our high security and technical differentiation.”
Moreover, GHOSTPASS was selected for the ‘IBK CHANGGONG‘ innovative startup company Daejeon 5th generation, part of IBK’s startup incubation program, earlier this year.
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