Trinsic Gets $8.5 Million for a Decentralized Identity Platform

Trinsic Gets $8.5 Million for a Decentralized Identity Platform ...

The round, headed by Georgian, advances the movement to develop user-controlled identity solutions.

SALT LAKE CITY (BUSINESS WIRE) January 29, 2022

Trinsic, the world's leading provider of user-controlled identity software, has announced a $8.5 million seed round headed by Georgian with participation from Jon Gelsey (Founding CEO, Auth0), Osage Venture Partners, Forward VC, and a dozen additional angel investors. The round is the largest of its kind in the decentralized identity category to date.

Riley Hughes, the co-founder and CEO of Trinsic, says humanity is sending people to space, editing genes, and generating AI that can write better blog posts than I can. Decentralized identity will finally solve this. Were lucky to have a front-row seat as our customers and partners bring that future to life.

While decentralized identity is in high demand, developers must meet a myriad of requirements to be compatible with. SoulBound Tokens and Web5 are two of the latest offerings to the W3C, ISO, and other industry-specific standards. Trinsic offers teams a single API that bridges ecosystems, eliminates complexity from the development process, and ensures products are future-proof.

On the Trinsics platform, dozens of banks, insurance companies, government agencies, and startups are developing user-controlled identity solutions. These solutions are used by over 100,000 end users, up more than 10 times in the last year. The company expects its rapid growth to continue as its customers realize the value of making identity data reusable across contexts.

Trinsic kept coming up as the leaders as we delved deeper into the decentralized identity market, according to Tyson Baber, Georgian's senior investor. Before we were even introduced, our R&D team had built a proof-of-concept using Trinsic.

Trinsic intends to use this new capital to expand its workforce and accelerate its ambition to make digital identity as widely used as credit cards. Applications for the company's LinkedIn page are open to anyone.

Trinsic's Situation

Trinsic is the leading platform for developers to develop user-controlled identity products that are faster, easier, and more reliably. We leverage decentralized technologies and self-sovereignty principles to ensure consumers are always in control of their data and privacy. With forward-thinking partners, Trinsic is unlocking the power to prove oneself without paper and assisting make the world more accessible.

About Georgians

Georgian is a fintech business that invests in high-growth software companies that exploit data in a trustworthy manner. We are developing a platform to identify and accelerate the best growth-stage software companies. We believe that a digital approach can enhance the learning experience for software company CEOs and their teams.

https://www.businesswire.com/news/home/20220629005152/en/View source version on businesswire.com

You may also like: