PassWear is a wearable authentication technology that increases the security of a mobile device or app while reducing mobile user dependency on passwords.
Sometimes a password on your mobile is not enough, think mobile banking, corporate and social media apps, here you need two step verification, a second factor of authentication (2FA).
PassWear is a broad technology, with mobile authentication the starting point on a product journey that continues to wearable identity and securing data on the mobile.
By 2020, the worldwide wearable market is predicted to grow to over 284 million devices and over 1 billion employees will be using their mobile devices at work, also known as bring your own device (BYOD).
1. Enhanced and transparent security
Using off-the-shelf wearables that are desirable makes PassWear authentication accessible to employees and individuals. It’s as easy as taking a photo or tapping your watch and comes with a strong security heritage, having been born from a military funded R&D project. Aiming to deliver enhanced mobile authentication security for employees and individuals while not getting in the way.
2. Reducing dependency on passwords
Passwords are difficult to remember and hard to type on mobile device keyboards. Employers can use PassWear to reduce complex passwords down to easy to remember PIN’s. This can improve employee user experience and uptake of mobility programs, while enhancing security.
3. 2FA fit for mobile use
When you are accessing your bank account or corporate network from your laptop – you’re forced to use a card reader, secure key or similar device, as a second factor of authentication. If you’re using two-step verification on services like LinkedIn, Twitter or Google, you’ll get a text on your mobile phone – the second factor.
When you’re accessing these services *from your mobile* – what’s the second factor?
We aim to be that second factor. PassWear delivers the same 2FA security on wearables that are designed to work with mobile devices.
Substantial accomplishments to date
June 2014: UK MOD funding awarded to complete R&D and produce a product prototype that proves it is possible to run the relevant software encryption libraries on a small computing device.
January 2015: Developed PassWear for Good (Good Technology are a leader in the enterprise mobility market) v1.0 BETA on iOS and Pebble. Achieved Patent pending status across 4 inventions covering authentication, provisioning, secure storage and identity.
July 2015: PassWear for Good v1.1 on iOS/Pebble released after feedback from internal Good trials. Trials with Dutch Justice (DJI) and UK government begins after 4 weeks of going live.
October 2015: PassWear for Good v1.2 on Android Wear/Samsung Tizen, including capability improvement requests from Dutch/UK gov trials.
PassWear for Good is available for download on iOS/Android mobile and Pebble, Android Wear and Samsung Tizen wearable.
Use of proceeds
We will use the funds raised to achieve the following goals:
– Convert PassWear for Good trials into sales, while continuing to grow leads, trials and build pipeline through Good’s account base.
– Complete Samsung commercial agreement to enable their UK sales team to market PassWear and increase our addressable market and sales pipeline.
– Complete PassWear developer kit (SDK) and begin BETA trials with 3rd party mobile application developers and partners. With successful trials completed and the SDK publicly available, we expect that the PassWear global addressable market becomes exponentially bigger.
The company currently has a £120,000 loan from an advisor, funds raised will not be used to finance this loan.