The concept was first created by VLTOR Weapon Systems of Tucson, Arizona, and released through Noveske Rifleworks of Grants Pass, Oregon, before being published open sourced in the public domain for adoption by the entire firearms accessory industry.

[1][2][3] The name "KeyMod" was coined by Eric Kincel (then working for VLTOR Weapon Systems) following the naming trend of other VLTOR accessories with the suffix "Mod" meaning modular, and "Key" being a reference to the key-hole profile of the mounting slots[citation needed].

[6] KeyMod is an open-source design released for use and distribution in the public domain in an effort to standardize universal attachment systems in the firearm accessories market.

The KeyMod system is intended to be used as a direct attachment method for firearm accessories such as flashlight mounts, laser modules, sights, scope mounts, vertical grips, rail panels, hand stops, barricade supports, and many others.

The slot is chamfered on the backside, while the through hole is sized for clearance of a quick-detach sling swivel (approximately 3/8" diameter).

In an effort to ensure interface dimensions are kept consistent and repeatable, Bravo Company MFG released a set of drawings for KeyMod gauges that allow for expedient inspection of the 100° chamfer feature in January 2014.