Authenteq raised $1.3M from Cavalry Ventures, Draper & Associates and Initial Capital.

Authenteq, a Reykjavik, Iceland and Berlin, Germany-based company providing a networked automatic identity verification platform, announced on a press release receiving a $1.3M (ISK 135 million) investment round.

The backers include Initial Capital, Draper & Associates and Cavalry Ventures and the capital will be used to expanding the team and preparing for the release of the solution for the international market.

The investment deal was signed off in June 2017.

Authenteq, founded in 2015 by Kari Thor Runarsson, Adam H. Martin and Runar Karlsson, is working on distributing a blockchain based digital biometric ID to all internet users.

The company had started initially by developing an app that took photos that couldn’t be altered and later pivoted after being part of Startup Reykjavik, deciding to build on the tamperproof core they had created. The company participated in the accelerator Startup Bootcamp after Startup Reykjavik.

The current product takes two pictures – one of the user, and another of the user’s government issue ID – and compares them to issue an Authenteq ID that people use to prove their identity. With Authenteq ID marketplaces increase trust and transparency in communications and transactions between users. Authenteq works on just about any type of marketplace, website or online community and can be installed either with APIs or by using a plugin.

Prior to this transaction, Authenteq has raised $180k in seed money and funding in other non-equity grants from the Technology Development Fund and the Innovation Center of Iceland.