The Iceland-based automatic identity verification and privacy platform, Authenteq has undergone a series A fund infusion of $5 million from Silicon Valley-based Draper Associates and Capital300.
The startup is looking forward to raising more funds in another round of series A. Notably, Draper is also the investor in companies like SpaceX, Tesla, Skype, Baidu, Coinbase Twitch and Robinhood.
Earlier, in 2017, the startup had secured $1.3 million in seed funding led by London based Initial Capital with participation from Draper Associates and Berlin-based Cavalry Ventures.
Investor’s point of view
Tim Draper expressed, “I believe that Authenteq is the beginning of the solution to true and pure identity, which may eliminate many of the security concerns in the market today. Their product is simple and elegant.”