Trolling for Dollars? Authenteq Raises $5 Million for Blockchain Identity Verification

Authenteq is an automatic identity verification and privacy platform which enables users to verify their identity and create their own sovereign digital IDs which are stored encrypted in a blockchain. The funding for the Reykjavik, Iceland-based company was led by Draper Associates and Capital300.

Extract from an article by Dean Takahashi

Authenteq, creator of the blockchain identity verification technology Trollteq, has raised $5 million in funding and is now touting its 60-second identity verification process.

Authenteq’s AI-driven automatic identity verification process uses a proprietary passive liveness detection to make sure whoever is signing up for the service is doing so in real time. The company then issues an eID for the user, located on the user’s mobile phone and private blockchain. In less than 60 seconds, a user is verified with government-grade facial recognition algorithms, and the photo ID documents are authenticated.

The market for mobile identity verification is currently estimated at $10 billion and is expected to double in the next four to five years, according to consulting firm McKinsey.

Authenteq differentiates itself from other players in the space with its eID, which gives the user complete control and ownership over their online identity. Authenteq’s plan is to introduce various disruptive services for the largely untapped market.

Authenteq publicly launched its service in late 2018, and it 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.

Additional Reading

Source: ComplexDiscovery

ComplexDiscovery combines original industry research with curated expert articles to create an informational resource that helps legal, business, and information technology professionals better understand the business and practice of data discovery and legal discovery.

All contributions are invested to support the development and distribution of ComplexDiscovery content. Contributors can make as many article contributions as they like, but will not be asked to register and pay until their contribution reaches $5.