Iceland: Draper Associates Leads $5 Million Funding Round for Blockchain-Based ID Platform

Iceland’s blockchain-based identity verification platform Authenteq has raised $5 million in a funding round led by Draper Associates and Capital300, the American tech website VentureBeat reports on Jan. 14.Following the two-week funding round, the company revealed its intention to conduct the second closing of the Series A financing for additional investors in the coming weeks.The latest $5 million closing was held on Jan. 10, while the total amount raised constitutes $7 million over seven rounds since 2015, according to business data provider Crunchbase.Authenteq funding rounds and key investors. Source: CrunchbaseWithin the latest funding round, Authenteq has touted its new identity verification tool powered by artificial intelligence (AI) and blockchain technology. The service reportedly enables users to be verified with governmental facial recognition algorithms in less than 60 seconds.Following the latest investment, Tim Draper, the United States venture capital investor and a well-known Bitcoin (BTC) bull, claimed that Authenteq is the…

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