Unum ID raises $2M to expand ‘sharified’ blockchain digital identity platform
Unum ID has secured $2 million in seed round funding to grow its biometrics-backed online ID platform, led by Draper Associates, with participation from TappanHill Ventures, Wedbush Ventures, Hard Yaka, and a number of angel investors, the company announced.
So far, Unum ID has raised a total investment of $3.2 million to be spent on sales and product development.
In its efforts, the digital identity company is also supported by Samsung Next and EOS VC, and hopes to leverage the recent investment to speed up adoption of the blockchain identity platform that creates a single, verifiable customer identity. User information is stored either on their device or in encrypted cloud backups.
Unum ID has come up with the concept of sharified (shared, verified) identity that leverages cryptography, blockchain, and biometrics. The software uses cryptography to connect the person to the mobile device which is then associated with their online identity to create a single customer identity.
The startup was a TechCrunch Top Pick at Disrupt SF and is advised by industry experts such as Dan Kolkowitz (founder of IdentityMind) and John deVadoss (Head of Development at NEO).
“We all spend so much of our lives verifying our identity online. It’s frustrating as a user and expensive for companies. Unum ID makes it instant and inexpensive, and I can’t wait to see it everywhere,” said Tim Draper, founding partner at Draper Associates, in a prepared statement.
Unum ID shortens verified user onboarding to a matter of seconds and eliminates behavioral fraud such as SIM swapping and phishing, according to the announcement.
Digital identity was forecast to grow rapidly even before the pandemic pushed many processes online.