Axuall, a digital network for verifying identity, credentials, and authenticity in real-time, has collected $3m in seed funding.
The capital injection was led by JumpStart, with participation also coming from Zapis Capital Group, M25, North Coast Angel Fund, Kettledrum Ventures, and Drummond Road Capital.
Following the close of the round, the RegTech will hire more software engineering and product staff, conduct multiple large-scale pilots, develop its partner network, and complete research and development for its commercial release.
Axuall aims to simplify the presenting of professional credentials through a digital network. The platform enables healthcare providers to request and receive digitally signed credentials from primary sources which can then be shared with employees, health systems, and insurance plans.
The real-time network proactively monitors conditional events such as expirations and dependencies, allowing practitioners to address issues the moment they occur. This ensures credentials are up-to-date and ready to present.
To begin, a user assigns their identity through a mixture of document verification and biometric identification, and once this is completed, the information will be stored in a digital wallet. The user can then add credentials to the wallet when they arrive and share this information with those that need it.
JumpStart senior partner Rem Harris said, “We expect the need to verify facts quickly and efficiently to increase as organizations grow their offerings and expand their workforce. Axuall’s development of a real-time network and marketplace for verified facts will provide much-needed capabilities to the market.”