The funding was led by Draper Associates and Capital300. Authenteq is currently talking with additional investors about a second closing of the Series A financing, which is expected to happen in the next couple of weeks.
Authenteq’s AI-driven automatic identity verification process uses a proprietary passive liveness detection to make sure whoever is signing up for the service is doing so in real time. The company then issues an eID for the user, located on the user’s mobile phone and private blockchain. In less than 60 seconds, a user is verified with government-grade facial recognition algorithms, and the photo ID documents are authenticated.
Authenteq stores a hashstring on the blockchain that, if checked, it verifies that you are a human who opened an account. It will not keep your picture or your identification information once the verification process has been completed. If it ever becomes necessary to re-verify your identity, Authenteq will look up the hashstring on the blockchain, which is a secure and transparent decentralized digital ledger. With passports, Authenteq can read an encrypted chip for verification. By not storing the data, Authenteq ensures that it won’t force customers to give up their privacy.
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