What is the core technology Skeyecode is pitching?

Skeyecode is pitching a software-based two-factor authentication (2FA) system. The technology aims to create a 'virtual secure element' that uses visual patterns only decodable by the human eye. This is designed to prevent malware or hackers from intercepting sensitive data on a device's screen, effectively replacing physical security tokens or hardware-based TAN generators with a purely software-driven interface protected by eight patents.

Does the deck provide any information on how the company makes money?

No. The deck is entirely focused on the technical problem and the proposed solution. There is no slide dedicated to the business model, unit economics, or pricing tiers. While slide 8 mentions 'international demand' from banks and payment providers, it does not specify if these are paying customers, pilots, or merely a target demographic for a B2B licensing model.

Who are the key members of the Skeyecode team?

The team includes Jean-Luc Leleu (Strategy & Product) with an Oracle background, Guillaume Pitel (Technology), Bernard Malachane (Operation) from Orange, and Aude Bourdouxhe (Marketing & Com) from LVMH. They are supported by advisors Dr. Markus Jakobsson (Qualcomm/PayPal) and Guillaume Bourcy (Facebook/Google/BICS), providing the company with significant enterprise and security credibility.

What is missing from this pitch deck that an investor would typically require?

This deck is missing several critical components: a Go-To-Market strategy, a competitive analysis, a business model, financial projections, and a clear 'Ask.' It functions more as a technical product overview than a comprehensive investment proposal. An investor would need to know the cost of acquisition, the sales cycle for banks, and the specific amount of capital being raised.

How does Skeyecode differentiate itself from existing 2FA solutions?

Skeyecode differentiates itself by removing 'friction.' Slide 3 shows the current state of security involving physical card readers and phones, which is cumbersome. Skeyecode claims to offer a 'frictionless' software-only solution that provides the same security as a hardware device by using the user's eyes as the final decryption layer, making the display invisible to hackers.

Skeyecode Pitch Deck (2014): 10-Slide Breakdown

See all 10 slides of the Skeyecode pitch deck — a 2014 deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

Skeyecode’s 10-slide deck from 2014 is a classic example of a 'product-first' technical pitch. The company addresses the $400 billion annual cost of cyber attacks by proposing a frictionless software alternative to clunky hardware security tokens. The deck leans heavily on intellectual property, citing 8 patents, and a team with backgrounds at Oracle, Orange, and PayPal. However, the presentation is structurally incomplete for a professional fundraise. It lacks a business model, a competitive landscape analysis, and a specific 'Ask' regarding capital. While it successfully visualizes a comple…

Key takeaways

The deck identifies a massive macro problem, stating that cyber attacks cost $400 billion each year on slide 2.
Skeyecode positions its solution as a frictionless software alternative to existing hardware-heavy methods shown on slide 3.
Intellectual property is a core value driver, with slide 4 explicitly stating the solution is protected by 8 patents.
The product uses a visual decryption method where 'human eyes replace the hardware device' to prevent hackers from seeing the display, as shown on slides 5, 6, and 7.
Market validation is presented as 'international demand' from providers in Africa, Asia, Europe, and 65% of US Banks on slide 8, though no specific partners are named.
The team slide (slide 9) features significant corporate pedigree including Oracle, Orange, LVMH, and Qualcomm.
There is no mention of a business model, pricing strategy, or revenue projections anywhere in the 10 slides.
The deck concludes on slide 10 without a specific financial ask or a breakdown of how funds will be used.

The Technical Vision: A Skeyecode Teardown

Skeyecode’s 2014 pitch deck is a 10-slide presentation that prioritizes technical differentiation and intellectual property over business metrics. In the cybersecurity space, particularly during the mid-2010s, the transition from hardware-based security (like RSA tokens or physical TAN generators) to software-based solutions was a major theme. Skeyecode leans heavily into this narrative, positioning itself as a patent-protected disruptor. However, the deck leaves significant gaps regarding how the company actually operates as a business.

Slide 1: Title and Positioning

The cover slide introduces the logo and the core value proposition: "TWO FACTOR AUTHENTICATION MADE SIMPLE AND SECURE." The contact information for Jean-Luc Leleu and an Angel.co link are provided in the top right corner. The background image of a city skyline suggests a global, corporate ambition, but does little to explain the product. The branding is clean, using a monospaced font that evokes a 'coding' or 'security' aesthetic.

Slides 2-3: The Problem and Current State

Slide 2 uses a classic 'scare tactic' to establish market size, stating "Cyber attacks cost $400 billion each year." The imagery of a hooded hacker is a cliché in the industry but effectively communicates the threat level. Slide 3 asks, "What’s being used today?" and shows a photo of a user juggling a smartphone, a credit card, and a physical hardware token. This slide successfully identifies the 'friction' in the current market—security is currently a burden for the end-user. By showing the physical clutter of existing solutions, Skeyecode sets the stage for a software-only alternative.

Slide 4: The Solution and IP

Slide 4 introduces the product interface on a smartphone. The headline claims a "frictionless software solution protected by 8 patents." This is the strongest slide in the deck for a technical investor. Mentioning eight patents provides a 'moat' that suggests the technology is not easily replicated by larger incumbents. The visual shows a wire transfer confirmation for "250€ to John Smith" at "HSBC," indicating that the primary target market is the banking and financial services sector.

Slides 5-7: The Technical 'Magic'

This sequence of slides attempts to explain the 'how' without getting bogged down in code. Slide 5 shows the hacker's perspective: "The hackers cannot see our display." Slide 6 shows the user's perspective: "The customers and users can see it." Slide 7 provides a diagram of the "Virtual Secure Element." It illustrates how multiple layers (S0, S1, Sn) of visual noise are combined so that "The human eyes replace the hardware device." This is a compelling visual metaphor for a complex cryptographic process. It explains the unique selling point: the decryption happens in the user's brain/eyes, not on the device's hardware, which theoretically bypasses screen-scraping malware.

Slide 8: Market Validation

Slide 8, titled "International demand from top players," uses three circles to represent different regions. It claims interest from a "Large Payment Provider" in Africa and Asia, an "IT Service Provider for 150+ Banks" in Europe, and "Bank consortiums 65% US Banks" in the United States. While these figures sound impressive, the lack of specific names or 'letter of intent' (LOI) details makes this slide feel more like a target list than a traction report. For a 2014 deck, claiming 65% of US Banks are part of a consortium showing interest is a bold claim that requires more substantiation than a simple circle on a slide.

Slide 9: The Team

The team slide is high-quality. It features four core members and two advisors, all with logos of prestigious former employers. Jean-Luc Leleu (Strategy & Product) brings Oracle and Sun Microsystems experience. Bernard Malachane (Operation) comes from Orange. The advisors are particularly strong: Dr. Markus Jakobsson is linked to Qualcomm and PayPal, while Guillaume Bourcy is linked to Facebook and Google. This level of 'social proof' is often what carries a seed-stage deck when revenue is absent. It tells the investor that even if the business model is unclear, the people involved are industry veterans who understand the ecosystem.

Slide 10: The Conclusion

The deck ends abruptly on slide 10 with the phrase "Now is the time!" and the company logo. This is a missed opportunity. There is no call to action, no summary of the investment opportunity, and no contact information repeated for ease of use. It leaves the presentation feeling unfinished.

What Works in the Skeyecode Deck

Visualizing the Invisible: Cybersecurity is notoriously difficult to 'show.' Slides 5 through 7 do an excellent job of visualizing how their 'ICE zone' technology works using simple overlays and human-centric metaphors. · IP Focus: In a crowded security market, stating "8 patents" early on (Slide 4) gives the company a level of perceived authority and protection that is vital for B2B enterprise plays. · Team Credibility: The pedigree shown on Slide 9 is top-tier. For a technical product, having advisors from PayPal and Google suggests the technology has been vetted by people who understand global scale. · Clear Problem Identification: Slide 3 perfectly captures the user pain point of physical security tokens. It makes the 'why now' argument for a software-only solution very clear.

What is Missing from the Skeyecode Deck

The Business Model: There is absolutely no mention of how Skeyecode makes money. Is it a per-user SaaS fee? A licensing deal for banks? A white-label integration? Without this, it is a product pitch, not a business pitch. · The Ask: The deck never mentions how much money they are looking for or what they plan to do with it. According to the catalogue data, they raised $85,700 , but a founder using this deck today would need to be much more explicit about their capital requirements. · Competitive Landscape: The deck ignores other software-based 2FA solutions (like Google Authenticator or Duo Security, which were well-established by 2014). Investors need to know why Skeyecode’s patented visual method is superior to existing software 2FA. · Traction Metrics: While Slide 8 mentions 'demand,' it doesn't list any revenue, user numbers, or pilot results. Even at an early stage, showing a timeline of development or a specific roadmap would add necessary weight.

What a Founder Should Copy

The 'Hacker vs. User' Comparison: If you have a security product, use the side-by-side comparison seen in Slides 5 and 6. It is the fastest way to communicate a technical advantage to a non-technical investor. · Clean Layouts: The deck uses high-contrast text and minimal clutter. Each slide has one job and does it clearly. · Strategic Use of Logos: On the team slide, the logos are larger than the names. This is a smart move for early-stage founders; the brand equity of Oracle or PayPal is more recognizable than the individual names of the founders. · Macro-to-Micro Flow: The deck follows a logical progression: Big Problem (Slide 2) -> Current Bad Solution (Slide 3) -> Our Better Solution (Slide 4) -> How it Works (Slides 5-7). This is a standard but effective storytelling arc.

Final Analysis

Skeyecode’s deck is a product-centric document that succeeds in explaining a complex technical innovation but fails to present a complete investment case. It relies heavily on the 'wow' factor of its patented visual decryption and the 'who' factor of its experienced team. While this was apparently enough to secure a small amount of funding ($85,700), a modern Series A or even a Seed deck would require significantly more detail on market entry, competition, and financial sustainability. It is a great example of how to pitch a technology , but a poor example of how to pitch a company .

Frequently asked questions

What is the core technology Skeyecode is pitching?: Skeyecode is pitching a software-based two-factor authentication (2FA) system. The technology aims to create a 'virtual secure element' that uses visual patterns only decodable by the human eye. This is designed to prevent malware or hackers from intercepting sensitive data on a device's screen, effectively replacing physical security tokens or hardware-based TAN generators with a purely software-driven interface protected by eight patents.
Does the deck provide any information on how the company makes money?: No. The deck is entirely focused on the technical problem and the proposed solution. There is no slide dedicated to the business model, unit economics, or pricing tiers. While slide 8 mentions 'international demand' from banks and payment providers, it does not specify if these are paying customers, pilots, or merely a target demographic for a B2B licensing model.
Who are the key members of the Skeyecode team?: The team includes Jean-Luc Leleu (Strategy & Product) with an Oracle background, Guillaume Pitel (Technology), Bernard Malachane (Operation) from Orange, and Aude Bourdouxhe (Marketing & Com) from LVMH. They are supported by advisors Dr. Markus Jakobsson (Qualcomm/PayPal) and Guillaume Bourcy (Facebook/Google/BICS), providing the company with significant enterprise and security credibility.
What is missing from this pitch deck that an investor would typically require?: This deck is missing several critical components: a Go-To-Market strategy, a competitive analysis, a business model, financial projections, and a clear 'Ask.' It functions more as a technical product overview than a comprehensive investment proposal. An investor would need to know the cost of acquisition, the sales cycle for banks, and the specific amount of capital being raised.
How does Skeyecode differentiate itself from existing 2FA solutions?: Skeyecode differentiates itself by removing 'friction.' Slide 3 shows the current state of security involving physical card readers and phones, which is cumbersome. Skeyecode claims to offer a 'frictionless' software-only solution that provides the same security as a hardware device by using the user's eyes as the final decryption layer, making the display invisible to hackers.

Cover slide of the Skeyecode pitch deck — 2014 — Skeyecode pitch deck, slide 1 (2014)

Skeyecode pitch deck: the facts

Company: Skeyecode
Year: 2014
Slides: 10

Skeyecode pitch deck PDF

The full Skeyecode deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Skeyecode pitch deck was used for

This deck is a 10‑slide fundraising presentation from 2014 by Skeyecode, a Paris‑based cybersecurity startup offering a patented, software‑only two‑factor authentication solution for secure financial transactions. The deck emphasizes 8 patents and a frictionless virtual secure element that uses visual patterns decoded by the human eye to protect sensitive on‑screen data, aiming to replace hardware tokens and SMS TANs. It was used for an early seed‑stage raise that a French directory reports as part of roughly €70k total funding across two small rounds, consistent with the $85.7k figure attached to this deck. Subsequent information indicates the company continued developing its technology, expanding its patent portfolio and participating in programs such as Societe Generale’s banking cybersecurity innovation awards and 500’s demo day, but the deck itself contains almost no information on traction, pricing, or revenue.

Business model: Provides a **software-only two-factor authentication (2FA) and transaction validation solution** for financial institutions and other enterprises, delivered via SDK/API for integration into banking, fintech, and other critical applications.

Founded: 2014
Founders: Jean‑Luc Leleu, Bernard Malachane, Guillaume Pitel
Headquarters: Paris, France (HQ listed at 45 Rue Pierre Charron, 75008 Paris).

Round: Seed‑stage/early funding for a cybersecurity/FinTech startup founded in 2014, as suggested by the modest total raised and the highly technical, patent‑focused nature of the deck.

Year: 2014 (deck year; sources confirm company creation that year and subsequent small early‑stage funding, though precise round timing is not specified).

Raised: ≈€70,000 total across two small funding rounds (0.07 M€) reported for Skeyecode, roughly consistent with the $85,700 amount associated with this 2014 deck; individual round sizes, dates, and investor names are not reliably disclosed.

Industry: Cybersecurity / Computer and Network Security / FinTech (strong authentication and secure transaction validation).

Total funding: ≈€70,000 total across two funding rounds (0.07 M€) as reported by a French startup funding directory; this aligns roughly with the $85,700 figure associated with the 2014 deck.

What happened after the Skeyecode deck

Following the 2014 pitch deck and initial seed‑stage fundraising, Skeyecode continued to develop its patented 2FA and transaction validation technology, secured a patent license arrangement with France Brevets, gained visibility through banking cybersecurity awards and a 500 demo day, and expanded its patent portfolio; public sources, however, do not disclose definitive information on long‑term co

Founded in 2014 in Paris and built a patented strong authentication and transaction validation technology for financial
Signed a license agreement in 2016 with **France Brevets**, covering a portfolio ultimately described as 25 patents rela
Participated in **Societe Generale and Wavestone’s banking cybersecurity innovation awards**, where Skeyecode was highli
Appeared in a **500‑branded demo day (Batch 20)** presentation, indicating involvement in a startup program and exposure
Filed multiple patent applications between 2016 and 2018 covering methods for protecting data, signing transactions, and

What the Skeyecode deck got right

Defensible, novel security technology. The deck showcases a **highly differentiated, patented technology** for strong authentication and transaction validation, including a virtual secure element and human‑eye‑decodable visual patterns that aim to deliver hardware‑level security through software only, supported by a growing patent portfolio.
Clear focus on a critical FinTech cybersecurity problem. Skeyecode operates in a **high‑value, regulated market (banking and financial services)** where strong authentication and secure transaction validation are mission‑critical, and the deck clearly positions the solution for banks, fintechs, and other financial institutions.
External validation from banks and startup programs. Later recognition in Societe Generale’s banking cybersecurity innovation awards and a 500 demo day underscores that the core narrative in the deck—frictionless, high‑security software 2FA—has **resonated with institutional stakeholders and startup programs**.
Experienced, technically strong founding team. The founding team includes experienced leaders such as Jean‑Luc Leleu (CEO) and co‑founders with strong technical backgrounds, which aligns well with the deck’s emphasis on deep cryptography and patent filings.
Compelling value proposition vs. hardware tokens and SMS OTP. The deck’s framing of replacing hardware tokens and SMS TANs with a purely software solution that uses **immune code execution and visual/retinal cryptography** addresses both **cost and user‑experience pain points**, making the value proposition intuitively attractive to banks and end‑users.

What could have been stronger

No traction, revenue, or pricing information. The 2014 deck, as summarized, omits any mention of **revenue, pricing, customer numbers, or concrete traction**, making it difficult for an investor to assess commercial validation or market demand despite a sophisticated technical story.
Limited clarity on market and competition. Although the deck reportedly stresses 8 patents and cryptographic innovation, it does not clearly present **market sizing, competitive landscape, or positioning against major identity and 2FA vendors**, leaving investors to infer how Skeyecode fits among established players.
Fundraising ask and financial plan are not explicit. The focus on patents and technical novelty is not accompanied by **specific fundraising terms, runway, or use-of-funds detail** in the deck excerpt, which weakens the investor’s ability to evaluate whether the requested capital aligns with a credible plan.
Operational and integration details are underdeveloped. The deck emphasizes a human‑eye‑decodable visual interface and a virtual secure element but appears to lack **clear explanation of deployment complexity, integration requirements, and regulatory/compliance considerations**, which are critical for adoption by banks and large enterprises.

How an investor would read this deck

What draws attention

Highly **patent‑rich, defensible technology** in a regulated, high‑value domain (banking cybersecurity and strong authentication), with later sources referencing at least 25 patents under a license with France Brevets and multiple filings in Europe and the US.
A **compelling technical narrative** around virtual secure elements, immune code execution, and visually/retinal‑decoded transaction data that aims to match hardware‑level security with software‑only deployment.
Early validation signals from **programs and awards** such as Societe Generale’s banking cybersecurity innovation awards and a 500‑branded demo day appearance, which suggest institutional interest in the concept.

Risks that stand out

The deck’s omission of **traction and revenue data** implies potential challenges in converting technical innovation into commercial adoption in conservative, compliance‑heavy banking environments.
Reliance on a **novel human‑eye‑based visual decoding paradigm** may create usability or accessibility issues for certain user groups and could complicate broad consumer rollout compared to more familiar OTP methods.
The strong focus on patents and deep cryptography likely entails **long sales cycles and significant integration effort** for core banking systems, which can strain a small startup’s resources and extend the time to meaningful recurring revenue.
Competition from large identity and access management vendors and evolving standards (e.g., app‑based authenticators, FIDO/WebAuthn) could **erode differentiation** if Skeyecode’s approach does not clearly outperform on cost, UX, or security guarantees.

Questions this deck invites

What **specific customers or pilots** did Skeyecode secure around the time of this 2014 deck, and what measurable results (fraud reduction, login success rates, deployment scale) were achieved?
How is Skeyecode’s solution **integrated into existing banking and fintech systems** (SDK/API details, required changes to mobile/online banking apps, server‑side components), and what is the typical implementation timeline and cost?
What is the **economic model** (pricing, per‑user or per‑transaction fees, SaaS vs. licensing), and how does it compare to traditional hardware tokens, SMS OTP, and modern app‑based authenticators in total cost of ownership?
How do Skeyecode’s patents map to **defensible product advantages** versus other 2FA and transaction‑signing solutions, and have any been challenged or licensed beyond France Brevets?
What is the **regulatory and certification status** of the technology (e.g., banking security certifications, audits, or formal evaluations), given the claims of hardware‑equivalent security without a physical secure element?

What founders can take from the Skeyecode deck

A **highly technical, patent‑centric story** can be compelling, but it must be balanced with clear information about revenue, traction, and pricing to satisfy investor expectations in a fundraising deck.
Positioning a cybersecurity product for banks and fintechs benefits from **concrete deployment and integration narratives**, not just cryptographic novelty; investors look for how the solution fits into existing workflows and systems.
Early‑stage decks that lean heavily on IP and engineering strength should still **articulate a specific ask and use of funds**, including hiring plans, product milestones, and go‑to‑market activities, to show capital efficiency and execution discipline.
Highlighting awards, accelerator/demo day participation, and institutional recognition (e.g., **banking cybersecurity innovation contests**) can meaningfully bolster perceived credibility and market interest when hard traction metrics are limited.
Complex security products aimed at regulated industries need **plain‑language explanations of user experience and risk reduction**, so non‑technical investors can understand how the technology translates into business value.

Skeyecode pitch deck: common questions

What does Skeyecode do?

Skeyecode is a French cybersecurity and FinTech startup founded in 2014 in Paris that develops a **software-based strong authentication and transaction validation solution**, positioned as a frictionless alternative to traditional hardware tokens and SMS-based 2FA.

How much funding has Skeyecode raised?

According to a French startup funding directory, Skeyecode completed **two funding rounds totaling about 0.07 M€ (~€70,000)**, which is broadly consistent with the $85,700 amount associated with the 2014 pitch deck, though individual round dates and structures are not disclosed.

Who founded Skeyecode and when?

Public profiles state that Skeyecode was **founded in 2014** in Paris by **Jean‑Luc Leleu, Bernard Malachane, and Guillaume Pitel**, with Leleu serving as co‑founder and CEO from December 2014 to November 2019.

Who is Skeyecode’s target customer for this solution?

The deck and external descriptions show Skeyecode targeting **banks, financial institutions, fintech companies, and other enterprises** that need strong customer authentication and secure transaction validation, particularly online banking and e‑commerce transactions.

How does Skeyecode’s two-factor authentication technology work at a high level?

Later materials describe Skeyecode’s solution as using a **virtual secure element, immune code execution, and visual/retinal cryptography** so that transaction data displayed on the screen is only decodable by the human eye, preventing malware from intercepting or altering sensitive information without requiring a separate physical device.