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The definition for biometrics? It's using some type of biological trait – such as fingerprints, voice, retinal patterns – to identify a person.
Of course, a big opportunity is using biometrics for security.
The problem? Well, it's not necessarily accurate.
But an upstart company, BioPassword, thinks it has a solution. In fact, the company was able to snag $11 million in venture capital this week.
As of now, the company's technology has a success rate of about 95%. While this is still not good enough, the company thinks it can push it to 99.9%.
BioPassword essentially has a sophisticated system to analyze keystrokes. Yes, this process can be quite unique for people (in terms of rhythms, pauses and so on).
Interestingly enough, the CBS Corp. (NYSE:CBS) show, NUMB3RS, had a spot on this technology. You can check it out here.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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