This is similar to the problem I had, I believe it is due to the firmware being corrupted (Moderators correct me if im wrong).
Steps I followed:
--I plugged up both the power and pc cables and left them connected, then pressed and held the reset button,
--Windows detected the keymander,
--I used the previous version of the keymander software HERE
--Ran the firmware recovery software, using the firmware from the link above, following the steps HERE
--Unplugged the keymander from both the power and pc after the firmware upgrade was complete
--Waited 10 secs
--Plugged the keymander back up to the pc, power and xbox one,
-- Started the keymander software, the keymander was detected by windows and the keymander software
--Clicked help at the top right hand side of the keymander software
--Upgraded to the current version of the keymander firmware located HERE
--The keymander has been working ever since.