Trusted Key Closes $3M Seed Funding
SEATTLE, WA, Blockchain-based secure digital identity company, today announced that it has raised $3 million (USD) as part of a seed funding round.
Trusted Key Solutions Inc., a blockchain-based secure digital identity company, today announced that it has raised $3 million (USD) as part of a seed funding round led by Founders Co-Op, an early-stage venture fund, with participation from Pithia, Inc., the venture capital company of The RChain Cooperative.
Founded by former executives from Microsoft, Oracle and Symantec, the company plans to use this funding to accelerate innovation and business expansion to meet growing product demand from enterprise customers. Trusted Key's digital identity solution leverages blockchain technology to provide the foundation of digital trust.
"Highly regulated enterprises want to bring their customer experience online but have significant drop-off rates during enrollment due to the cumbersome identity validation, or proofing, process. With the rise in identity theft and breaches, these organizations also face enormous pressures to deliver a secure and convenient experience," said Amit Jasuja, CEO of Trusted Key. "Trusted Key's platform protects the privacy of consumer data, while allowing enterprises to easily verify that their customers are who they claim to be. We are rebuilding digital trust."
The company also announced it has successfully demonstrated a pilot project in partnership with healthcare consortium NH-ISAC with the potential to reach more than 150 million consumers in the U.S. The project establishes NH-ISAC's vision of a mobile HealthID application that onboards consumers with flexible identity proofing and provides them with a single, re-usable digital identity to access all of their healthcare services, such as signing up for health insurance, registering with healthcare providers and fulfilling prescriptions online.
"We have been very impressed working with Trusted Key on the power of their platform around identity proofing and the creation of a secure digital identity that can be re-used by all of our healthcare partners with validation on the blockchain," said Kurt Lieber, Chairman of the NH-ISAC Identity and Authentication Working Group.
For enterprises, providing a frictionless yet secure online consumer enrollment process is increasingly important. According to a recent report from Allied Market Research, the global consumer identity and access management market is estimated to reach nearly $24 billion by 2022. A driving factor behind this growing demand is the inexorable shift to online experiences across the entire lifecycle of the consumer-enterprise interaction.
Trusted Key has built an enterprise solution to prevent identity fraud, improve security and enhance the consumer experience with password-less authentication and transaction authorization. This helps organizations streamline customer acquisition on digital channels while meeting business and regulatory requirements. Trusted Key's identity proofing platform offers organizations a customizable infrastructure that can be deployed on various blockchains that best suits their needs, while easily integrating with existing applications.
Comments on the news:
"The demand for strong digital identity solutions is exploding, and we continue to be impressed with Trusted Key's vision and execution. With its singular focus on offering a secure solution for enterprise customers while preserving consumer privacy, we believe that Trusted Key has the right approach at the right time." - Rudy Gadre, Partner at Founders Co-Op and member of Trusted Key Board of Directors
"Going forward, trusted digital identity will be a critical requirement for businesses operating on the web. We believe that Trusted Key's architecture and blockchain portability makes it one of the stand out leaders in the space and we look forward to having them as part of the RChain ecosystem." - Lawrence Lerner, CEO of Pithia, Inc.
About Trusted Key
A venture-backed company founded in 2016, Trusted Key provides secure digital identity solutions to enterprises and consumers. Trusted Key's mobile- and blockchain-based identity platform helps organizations accelerate online customer acquisition by onboarding new users quickly and easily with a verified identity, provision users with a secure and convenient password-less login, and protect user accounts from fraudulent transactions. For more information, visit https://www.trustedkey.com or follow on Twitter at https://twitter.com/trustedkey.
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