Authenteq secured $5M from Draper Associates and capital300.
Authenteq, a Reykjavik, Iceland-based company providing blockchain-based automatic identity verification platform, announced in a press release that it closed a $5M investment round.
The financing, which is part of a larger series A round the company is working to complete, was led by Draper & Associates and capital300. The money will be used to add more resources supporting the growth of its-recently-launched product, Trollteq.
Authenteq, 2015 by Kari Thor Runarsson (CEO), Adam H. Martin (CTO) and Runar Karlsson, started initially by developing an app that took photos that couldn’t be altered and later pivoted on a blockchain based digital biometric ID solution available to all internet users.
In 2018, the company launched Trollteq, which is an authentication platform to provide user authentication for internet forums. The identity verification process takes under 60 seconds and involves the user taking a selfie and Authenteq’s mobile app reading the information from the NFC chip of a government-issued ID in order to compare the photos. The app then creates an eID, encrypted and stored on a private blockchain.
Since launching, Authenteq claims to have signed up a dozen clients in the first months. A typical customer needs to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, meaning companies in the financial industry, as well as online marketplaces and professional services.