Iceland startup Authenteq attracts $5M to stop online fraud with blockchain

Iceland startup Authenteq attracts $5M to stop online fraud with blockchain

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The Iceland-based automatic identity verification and privacy platform, Authenteq has undergone a series A fund infusion of $5 million from Silicon Valley-based Draper Associates and Capital300.

The startup is looking forward to raising more funds in another round of series A. Notably, Draper is also the investor in companies like SpaceX, Tesla, Skype, Baidu, Coinbase Twitch and Robinhood.

Earlier, in 2017, the startup had secured $1.3 million in seed funding led by London based Initial Capital with participation from Draper Associates and Berlin-based Cavalry Ventures.

Investor’s point of view

Tim Draper expressed, “I believe that Authenteq is the beginning of the solution to true and pure identity, which may eliminate many of the security concerns in the market today. Their product is simple and elegant.”

Blockchain-encrypted sovereign digital IDs

Authenteq offers blockchain-encrypted sovereign digital IDs of which the sensitive personal information can be accessed and controlled only by the users. By means of Authenteq’s claims verification API, users can endure their identity authentication and KYC process for third parties.

Automatic verification in just in 3 seconds

It takes 60 seconds for the initial signup process; afterwards, the automatic verification gets completed in 3 seconds without requiring a password. The real-time verification process is done by matching user’s Government issued picture ID and a photo with face recognition technology.

AI-enabled liveness detection

The AI-driven Authenteq platform can automatically differentiate between a live human being and a robotic fraudster. A wide spectrum of e-services including online trading, website access permission, cryptocurrency token sales and other financial services get benefited by Authenteq. The platform ensures an anti-money laundering ecosystem.

Trollteq – curbs online trolling

It is a blockchain-based identity management technology to restrain trolling in social media. With Trollteq, if a user is banned for his misconducts, he cannot re-register in any circumstances carrying a false identity.

Authenteq was established in Reykjavik by Adam H. Martin, Kari Thor Runarsson and Runar Karlsson. With team strength of 22 members, it maintains offices in Reykjavik, London, Berlin and California. The startup will utilise the funding in expanding its team and scaling up operations.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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