Iceland’s blockchain-based identity verification platform Authenteq has raised $5 million during a funding round led by draper Associates and Capital300, the yank tech web site VentureBeat reports on January. 14.

Following the two-week funding round, the Firm disclosed its intention to conduct the second closing of the Series A financing for additional investors within the coming weeks.

The latest $5 million closing was held on January. 10, whereas the entire amount raised constitutes $7 million over seven rounds since 2015, as per business data provider Crunchbase.

Authenteq funding rounds and key investors. Source: Crunchbase

Within the most recent funding round, Authenteq has touted its new identity verification tool powered by AI (AI) and blockchain technology. The service reportedly permits users to be verified with governmental face recognition algorithms in less than sixty seconds.

Following the latest investment, Tim Draper, the u. s. venture capital investor and a well known Bitcoin (BTC) bull, claimed that Authenteq is the starting of the solution to true and pure identity, which may probably eliminate variety of security issues within the business.

The Reykjavik-based identity verification company launched its latest on-line identification tool in late 2018. Citing the data from a consulting company McKinsey, VentureBeat reports that mobile identity verification is anticipated to double within the next four or 5 years within the presently assessed $10 billion market.

Considering privacy issues, users’ personal data isn't accessible by either on Authenteq or third parties, the article notes. The platform solely stores a hash string on blockchain that doesn't keep any personal identification information once the verification method is completed, creating personal user info user-owned and user-controlled.

In early Nov 2018, major international audit firm Deloitte teamed up with identity management company Attest to develop a blockchain-powered digital identity system for state-compliant identifiers which will be utilized by customers of Deloitte.

The field of on-line identification processes has emerged as a subject of issues among on-line services users because of sensitivity of personal data that will be utilized by third parties, with some business experts claiming that the fact is that people don't control their personal data in any meaningful means.

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