Blockchain-Based Fast Identity Startup Authenteq Raises $5M

Authenteq, a Reykjavik, Iceland and Berlin, Germany based blockchain identity verification company has now secured $5 Million in the first funding round of Series A.

The round was led by the Capital300 and Draper Associates. The company will now have a plans to use the funds to expand the operations.

The company which is led by the Adam Martin and CEO Kari Thor. Authenteq is advancing a large set of automatic identity verification and privacy platform which enables the users to verify their identity and create their own sort of sovereign digital ID’s which are even stored encrypted in a blockchain. Any personal user information is both the user owned and controlled and not accessible by anyone.

With the help of an Authenteq ID, users can even choose to verify their identity or part of their identity to the third parties using claims verification API.

The solution supports both the KYC implementations and identity claim verification's. The initial signup process takes around 60 seconds and is also 100% automated, unless the user already has an ID of Authenteq in which case it takes under 3 seconds to verify, all without even needing a password.

It can be used by any type of online service, whether it is an online marketplace, financial service, online betting, and recently ICO or the token sales as well. The company launched the service ion the November 2018, and it has also signed dozens of clients in the first month itself.

The company as of now 22 employees across Berlin and Reykjavik.

“The reason we merely decided to do two closings is that we thought to introduce to an investor (Capital300) with a startup having the mindset of getting things done and felt it was a great challenge to try to finish all due diligence and paperwork in two weeks after the term sheet was approved,” Runarsson said in an interview. “It was a field test for us to see if they were as both the dynamic and agile as they claimed to be during our discussions. We were honestly surprised that how much smoothly it went, despite a very thorough due legal and diligence process.”