CryptoLex Inc., the technology company that began here in the Cayman Islands, recently received a $75,000 funding grant to help meet the technology needs of the United States Naval Air Systems Command.
The award came from the Maryland Technology Development Corporation, in collaboration with The Patuxent Partnership and the Naval Air Warfare Center – Aircraft Division.
In June, CryptoLex was awarded the SeaPort Enhanced Multiple Award Contract, giving it an official sub-contractor designation that allows it to bid on U.S. military contracts.
‘We had to complete an approval process and go through extreme diligence, and we passed,’ said CryptoLex founder Clovis Najm. ‘This gives us third party credibility. It is a giant step toward future applications of the technology.’
While living and working in the Cayman Islands, Mr. Najm and an associated invented the CryptoLex system of identity authentication that converts biometric signatures such as fingerprints into digital codes.
The biometrics are read by a small handheld device the company invented called Mobio, which creates one-time passwords that allow identity safe access to computers, entry doors and other systems that need security.
After first incorporating in Cayman in 2001, the company moved to Maryland to try to land lucrative contracts with the U.S. military, which has a variety of security needs.
The TEDCO award will give CryptoLex some funding for research and development.
‘This award is very significant to CryptoLex, as it will assist us in testing this product for use by NAVAIR,’ said Gene Townsend, the company’s CFO. ‘This will allow us the opportunity to help meet the Navy’s needs and further develop a product that will have substantial commercial applications.’
Mr. Najm said the technology is being customized for use in the Navy project.
‘By the end of October, it should be deployed in a lab environment,’ he said, adding that the second phase of the project will entail expanding the user base of the technology.
CryptoLex has already entered into a partnership with IMB and Creative Computing Solutions Inc. to help develop its products for both military and commercial purposes.
‘Our technology partnership with both IBM and CCSI has provided CryptoLex with this important vehicle to expand its business reach into the US Navy,’ Mr. Najm said.
Sometime this month, CryptoLex will come out with its third version of the handheld Mobio.
‘The main advancement is a size reduction and a cost reduction,’ Mr. Najm said, noting that the Mobio will be 30 per cent smaller and cost 50 per cent less.
‘There’s also a wireless feature in the third version.’
The fact that CryptoLex technology is now being considered for use with the U.S. Department of Defense’s computer network – one of the most important and secure in the world – helps give exposure to the commercial applications for the technology.
‘The banking sector is now very interested in getting the results of this (Navy) project,’ said Mr. Najm.
Despite all of the good news for CryptoLex as a company, Mr. Najm expressed sadness over the recent death of company investor Dimitri Pappas, who died from uncertain circumstances in Bermuda in July.
‘Dimitri was basically a friend,’ Mr. Najm said. ‘He was a staunch supporter of the company and the product from the beginning.
‘His death came as a shock to everyone. He will be missed.’
Mr. Pappas was slated to have a major role in CryptoLex’s operations in the Cayman Islands, where the company’s transaction-based international business was to be.
‘We’ve now had to restructure our Cayman strategy,’ Mr. Najm said.
CryptoLex is still hoping to conduct some of its business from the Cayman Islands, and Mr. Najm will be coming back to Grand Cayman next month to explore the possibilities, particularly as they relate to banking security.
Related Videos
