Authenteq, a Berlin, Reykjavik, Germany, and Iceland based blockchain company has been successfully able to raise a total of $5 million of investment in their Series A. The Series A investment was led by Draper Associates and Capital 300. This fund will now be used by the company to expand their branches in different places. Authenteq is led by chief executive officer Kari Thor and Adam Martin.
Authenteq is basically an automatic identity verification and privacy platform which helps users to enable and verify their identity and also create their sovereign digital ID which is all stored encrypted in a blockchain. All the information about the users are kept in a secure manner and cannot be accessed by anyone else. With the help of this technology designed by Authenteq, users will be able to verify their identity to all the third-party applications with the verification API.
This solution is supported by all the identity claim verifications and the KYC implementations. The initial sign up procedure in Authenteq takes about a minute for the users and the process is totally automated. If the user does not have their Authenteq ID, then it will take about 30 seconds for authentication. If the users have their Authenteq ID, then it will take just 3 seconds to complete the procedure. Everything will be processed without the need for any kind of password.
This technology will be ready to use for any online services like for an online betting website, a financial service, or an online market place. The service ion of the company was launched in the month of November 2018. In just one month, the company was able to sign a lot of clients. The company has a total of 22 employees working all across Reykjavik and Berlin.
Runarsson said in an interview:
“The reason we merely decide to do two closing is that we thought to introduce to an investor (Capital 300) with a startup having the mindset of getting things done and felt it was a great challenge to try to finish all dues diligence and paperwork in two weeks after the term sheet was approved. It was a field test for us to see if they were both the dynamic and agile as they claimed to be during our discussions. We were honestly surprised that how much smoother it went despite a very thorough due legal and diligence process.”