Trusted Key collects $3m for Blockchain-based ID solution

Trusted Key Solutions, a Blockchain-based secure digital identity company, has raised a $3m seed round.

The round was led by Founders Co-Op, an early-stage venture fund, with participation from Pithia, the venture capital company of The RChain Cooperative.

Founded by former executives from Microsoft, Oracle and Symantec, Trusted Key has built a digital identity solution for enterprises to prevent identity fraud, improve security and enhance the consumer experience with password-less authentication and transaction authorisation.

By leveraging blockchain technology, the company helps organisations streamline customer acquisition on digital channels while meeting business and regulatory requirements. Its identity proofing platform offers organisations a customizable infrastructure that can be deployed on various blockchains that best suits their needs, while easily integrating with existing applications.

“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,” said Amit Jasuja, CEO of Trusted Key.

“With the rise in identity theft and breaches, these organisations also face enormous pressures to deliver a secure and convenient experience. 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.”

Financial Institutions can leverage the Trusted Key platform to meet their fiduciary, regulatory, and business requirements. It provides easy online onboarding of new customers with Authenticated Identity KYC, enabling customers to access their online accounts with passwordless secure login, and verify online credit card payments, overseas ATM requests, bank transfers, or phone support requests with transaction authorization.

The company also announced a partnership with healthcare consortium NH-ISAC. The project establishes NH-ISAC’s vision of a mobile HealthID application that onboards customers with flexible proofing and provides a re-usable digital identity that they can leverage to sign up for health insurance, register with healthcare providers, and fulfill prescriptions online.

Rudy Gadre, partner at Founders Co-Op and member of Trusted Key Board of Directors, said: “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.”