Two entrepreneurs in Peterborough plan to use crowdfunding to raise cash to test new software they say will do away with hacker-vulnerable passwords.
Jonathan Craymer and Jon Beal, who run Cloud-pin, of the Eco-Innovation Centre, in City Road, have developed a complex matrix called Shayype.
They claim it will replace passwords for online uses from emails to banking and shopping.
Shayype has been 12 years in the making and has already secured backing from a number of organisations in Peterborough that are keen to test the application.
Cloud-pin’s chairman, Mr Craymer, said: “We hope to raise £40,000 to properly test Shayype.
“It will pay for a programmer for a year and allow us to begin security testing of our systems.”
The crowdfunding will be done through LEOcrowd, of London, a reward-based crowdfunding platform.
Investors can donate any amount starting at £5. There is a scale of rewards for investors.
Mr Craymer said: “Passwords are a huge problem, which should have been fixed years ago.
“Now we’re hoping our two-man start-up has done something the tech giants have failed to do - coming up with a simple replacement for passwords.”
Shayype is a grid of constantly changing numbers. The user imagines a pattern on the matrix and types in the numbers within the shape in a separate box to secure the pattern.
In future uses the shape will be the same but the numbers to type in will be different.
Two years ago, the development of Shayype was given a boost by a grant from the UK government’s smart cities demonstrator programme, administered by Opportunity Peterborough (OP).
Steve Bowyer, OP chief executive, said: “With a world that’s moving ever more towards digital connectivity and sharing information and intelligence, it’s vital that appropriate cyber security measures are in place.
“These trials will show whether a Peterborough company can play its part in discovering that solution.”
One of the companies that have agreed to test the system is Buglife, of Ham Lane, Peterborough.
Paul Hetherington, Buglife’s director of fundraising and communications, said: “The new Shayype product presents a safe, secure but easy to remember solution for logging in - an opportunity we are excited to share with our supporters.”
For details about Shayype’s crowdfunding campaign visit: www.leocrowd.com/projects/730/Shayype:-Redesigning-Passwords