Iceland’s blockchain-based identity verification platform Authenteq has raised $5 million in a funding round led by Draper Associates and Capital300, the American tech website VentureBeat reports on Jan. 14.
Within the latest funding round, Authenteq has touted its new identity verification tool powered by artificial intelligence (AI) and blockchain technology. The service reportedly enables users to be verified with governmental facial recognition algorithms in less than 60 seconds.
Following the latest investment, Tim Draper, the United States venture capital investor and a well-known Bitcoin (BTC) bull, claimed that Authenteq is the beginning of the solution to true and pure identity, which can potentially eliminate a number of security concerns in the industry.
The Reykjavik-based identity verification company launched its latest online identification tool in late 2018. Citing the data from a consulting firm McKinsey, VentureBeat reports that mobile identity verification is expected to double in the next four or five years within the currently assessed $10 billion market.
Considering privacy concerns, users’ personal data is not accessible by either on Authenteq or third parties, the article notes. The platform only stores a hash string on blockchain that does not keep any personal identification data once the verification process is completed, making personal user information user-owned and user-controlled.