Truvity, renowned for its mission to instil instant trust and simplify inter-business collaboration, has made its initial public funding revelation.
The startup has announced a total funding amounting to €8m and has publicly emerged from stealth mode. Alongside this, Truvity has launched its first product— a platform equipped with SDK and API designed for application developers keen on incorporating Self Sovereign Identity (SSI) technologies.
The raised investment of €8m was utilised to develop Truvity’s Self-Sovereign Identity (SSI) toolkit. The toolkit empowers businesses and individuals to create their own digital identity ecosystems in a secure and straightforward manner. This initiative includes immediate identification and verification adhering to SSI principles. Consequently, companies and individuals gain complete control over their data through their digital wallets and reusable verified credentials.
Truvity’s platform is developed to augment transparency, security, and agility across a broad range of industries. It aims to rectify the fundamental problem plaguing various sectors: inefficient identification methods and document storage. For instance, the traditional finance and DeFi sectors suffer from extensive “Know Your Business / Know Your Customer” processes, which are cumbersome for both customers and service providers. Truvity’s platform mitigates this issue, replacing time-consuming manual processes with efficient solutions, reducing compliance costs.
Addressing the growing need for digital identity solutions, Truvity’s SDK and API allow the swift development of digital wallets, verifiable credential orchestration, and public key infrastructure. The platform is also sufficiently flexible to cater to all types of SSI-based applications, even complex B2B processes. The aim is to expedite the transition away from outdated methods of managing digital identities.
Truvity CEO and co-founder, Konstantin Mashukov, shared, “We encourage ambitious innovators, pioneering companies, curious researchers, and SSI enthusiasts to try our platform. Start building applications with Instant Trust under the hood powered by SSI technologies, bringing advantages for businesses, government, and citizens. Initial access will be free of charge for early adopters, and we are ready to provide all the necessary support. The demand for identity management is in every industry. Hence, the potential for its use is unlimited, and we want to encourage developers who can harness its power to start building on this new generation of technology.”
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