Authenteq Blockchain ID Verifier Gets $5 Million Funding Led by Draper Associates and Capital300
Authenteq, an identity verification platform built using Artificial intelligence and blockchain technology, has held a successful funding round that has seen the platform raise $5 million from investors. The funding round that was coordinated by Draper Associates and an American technology firm, Capital300, has seen the Iceland Company generate the said funds.
The funding round lasted for two weeks and will be followed by more funding series soon. By January 10th, Autheneteq had already raised the said funds which brings the total of funds collected since 2015 to $7 million after seven fundraising rounds.
Authenteq’s Funding Rounds over the Years
The ID verification platform has been raising funds for its activities since 2015. The first round was grant back in January 2015 where a total of $100,000 was given. Later that year in May, the platform carried out a seed round that generated 15,000 Euros followed by a convertible note later that year in October for 50,000 Euros.
Come March 2016, the platform received a massive grant of 458,000 Euros followed by another grant of 50,000 Euros in July 2017. The sixth funding round was through a seed round in November 2017 that generated 1.3 million USD. The just concluded 7 Series A funding round has been the best of the seven series adding a whopping 5 million USD to Authenteq’s kitty.
Some of the leading investors in Authenteq’s funding round include Capital 300, Draper Associates, Initila Capital, Calvary Ventures, Technology Development Fund, Startupbootcamp and Startupbootcamp Denmark.
Authenteq’s Development Plan
Authenteq has stated that it use the latest funds to work on its new verification product that will use AI and blockchain to verify various identity platforms especially those used by the government to identify facial features within a minute.
Tim Draper, a blockchain enthusiast in the US, has stated that the latest successful funding round by Authenteq will bring good tidings to the space. Draper who is a Bitcoin bull is full of praise for Authenteq and strongly believes that the platform could help solve various security issues facing the crypto industry.
The unique thin about Authenteq’s verification tools is that it only stores a string of hashes in the blockchain which implies that it doesn’t retain any personal data. Therefore, no trace of personal data is left with Authenteq once the verification is complete. This implies that users have control over itheir information.
Authenteq will soon announce the next date for its funding rounds.