Authenteq raises $5 million for blockchain identity verification

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

The funding for the Reykjavik, Iceland-based company was led by Draper Associates and Capital300. The company said it completed its funding round in two weeks.

Authenteq CEO Kari Thor Runarsson said the company is talking with additional investors about a second closing of the Series A financing, which is expected to happen in the next couple of weeks.

Above: Adam Martin (left) and Kari Thor Runarsson are the cofounders of Authenteq.

Image Credit: Authenteq

“The reason we decided to do two closings is we were introduced to an investor (Capital300) with a startup mindset of getting things done and felt it was a great challenge to try to finish all due diligence and paperwork in two weeks after the term sheet was approved,” Runarsson said, in a statement. “It was sort

 


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