NeoEYED

NeoEYED, Inc. operates within the cybersecurity sector, specializing in behavioral biometrics to combat digital fraud. Founded in February 2016 by Alessio Mauro, Tamaghna Basu, and Sourabh Sharma, the company emerged from the founders' recognition of the vulnerabilities in traditional authentication methods. Mauro and Basu first connected in 2012 on a freelancing platform and later decided to collaborate on a cybersecurity project, leveraging Basu's expertise in hacking techniques and incident handling. Their idea gained initial validation after entering and winning sponsor awards at the Citi Mobile Challenge, which focused on biometric solutions.

The company's core business revolves around providing a B2B, SaaS-based solution that creates an invisible layer of security for its clients' web and mobile applications. The business model is primarily based on annual subscriptions. NeoEYED targets organizations looking to reduce costs associated with multi-factor authentication, and to prevent account takeover and new account fraud. The company addresses the market of identity fraud, which represents billions in losses for businesses annually.

NeoEYED's proprietary AI-powered technology analyzes over 100 behavioral factors to create a unique user profile. This includes how a person types on a keyboard, holds their phone, moves a mouse, or interacts with a touchscreen. By continuously monitoring user behavior in real-time, the system can detect anomalies that may indicate an unauthorized user, impersonator, or automated bot attack, even if the correct password is used. This passive, frictionless authentication process aims to improve the user experience by reducing the need for intrusive security measures like captchas or one-time passwords. The solution is deployed via a simple line of code for web applications or a software developer's kit (SDK) for mobile apps. The company has engaged in several pilot programs, including with a bank in Mexico, to demonstrate its value. While the company raised approximately $400,000 from angel investors and prize money, PitchBook data indicates the company is now out of business as of April 2022.

Keywords: behavioral biometrics, cybersecurity, account takeover prevention, fraud detection, identity verification, passive authentication, user behavior analytics, bot detection, frictionless security, SaaS, B2B security, digital identity, access management, continuous authentication, mobile security, web security, anomaly detection, financial technology security, AI in cybersecurity, passwordless security