There are plenty of reasons I stopped using my bank’s finicky iris-scanning mobile authentication technology to login and check my account balance. Plagued with issues caused by glasses, glare and sunlight, I switched to using a 4-digit PIN for the foreseeable future. This week iris authentication company EyeLock released a new technology to remove some of the friction associated with the technology and boost adoption rates.
The New York-based company’s new technology authenticates at a distance of 60 cm and works with glasses, contact lenses, and even in bright daylight, making EyeLock even more user-friendly. EyeLock CEO Jim Demitrieus refers the the new technology as a “significant scientific breakthrough.” In a press release, Demitrieus added that it “solves the usability and security impediments that have long been an obstacle for mass-market adoption.”
EyeLock owns and controls the entire software and algorithm stack, which helps it to create a more secure solution. Founded in 2006, the company has raised $3 million in funding. At FinovateFall 2014 the company debuted myris, a USB-powered identity authenticator that converts a user’s iris into a unique, encrypted code for secure website access.
Earlier this year EyeLock opened an IoT Center of Excellence to further develop and expand the distribution of its iris scanning technologies. In late 2015 the company teamed up with Diebold to create a new concept ATM that connects to the user’s smartphone instead of using a PIN pad, card reader, or screen.
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