Authenteq, an identity verification startup with offices in Reykjavik and Berlin, has raised a $5 million round led by Draper Associates and capital300. The company plans raise more money, calling the current capital injection “the first close of two in their Series A round” and mentioning that it's currently “in discussions with a few investors who will take the second close.”
Authenteq's product is an AI-driven identity verification process, which, it claims, takes under 60 seconds. It involves the user taking a selfie and Authenteq's mobile app reading the information from the NFC chip of a government-issued ID in order to compare the photos. The app then creates an “eID” that's encrypted and stored on a private blockchain.
A few months ago, Authenteq also launched a system called Trollteq, which essentially repurposes the authentication platform to provide user authentication for internet forums.
The startup currently employs 22 people in Berlin and Reykjavik and plans to use the funding to hire more people.