Whitehorse resident Gord Duncan's keyless padlock didn't attract the $165,000 in pledges he was looking for from the Kickstarter crowdfunding website.

The 60-day fund-raising window for his invention closed last Friday, with a total of $107,000 committed, or 65 per cent of the target.

In keeping with Kickstarter policy, pledges for products which fall short are returned.

Duncan remains convinced his TEO – a padlock controlled by smart phones and other Bluetooth devices – will be available on the market in a year to 16 months.

The goal now, he said Monday, is to secure private investors to take the product to the market stage and beyond.

And there is interest in TEO out there, said the president of Total North Communications who's developing the padlock under the company.

"Absolutely,” said Duncan when asked if he believes he'll get the required financing.

While TEO didn't hit the mark on Kickstarter, he said, the promotion provided invaluable feedback from the public and solid exposure to major players in the technology sector.

"We are pretty happy with what has happened and where we are going,” he said.

Duncan pointed out his keyless padlock did get pledges from more than 800 individuals committing $100,000-plus.

"That is a pretty good result.”

TEO is short for transferrable electronic operation.

Duncan and his marketing team are promoting the lock as a natural fit for all applications, whether it be used on school lockers, bike locks or industrial applications requiring several locks for outbuildings and such.

Instead of a key ring carrying scores of keys, one smart phone could lock and unlock all the TEOs on site.

Security codes could be transferred electronically to friends wanting to use the cabin for the weekend or fellow students needing something from your locker.

Time limits can be attached to shared combinations.

Duncan said TEO has had positive reviews from technology companies.

Early last month, he presented his invention at the Innovation Showcase in Vancouver where the product was voted most likely to succeed.

Later in the month, he returned for the Canadian Financing Forum and the forum's Start up Spotlight segment, where Duncan was among six who demonstrated their product to a variety of investors.

Duncan said he's had conversations with interested parties from around the world.

He won't say how much he has invested into the product so far, nor how much financing he'll need to bring TEO into commercial production in the next 12 to 16 months.

But whatever Duncan needs to raise, he expects he'll be able to raise it.

A new website – TEOlock.com – was launched last Thursday.