Funding activity announced by Unum ID and Liquid Avatar to scale online digital identities
Digital ID card network Unum ID has raised $2 million in funding with the intention of ramping up growth of its reusable identities from thousands to millions so that people can use them instead of filling out forms.
The strategic funding round was led by 1414 Ventures and Outliers, with participation from Draper Associates, TappanHill Ventures and more.
The company uses a patent pending technology and a web-based wallet, and says it can slash onboarding time from minutes to seconds.
“We’re on the verge of a revolution in digital identity,” says Founder Aidan McCarty. “Soon you’ll be able to prove who you are with a single click, anywhere online. Our dream is that you’ll never have to fill out a form again; you’ll present a verified digital ID instead.”
McCarty and his brother and Co-founder Liam were recently named to Forbes 30 under 30.
Unum ID also raised $2 million just over two years ago, and is now over $5 million in total funds raised.
The company notes that Mckinsey and Liminal have each projected reusable digital identity to be growing to reach a $100 billion market by the end of the decade.
Liquid Avatar closes first trance of private placement
The first tranche of a non-brokered private placement has been closed by Liquid Avatar as the company continues to deliver products and services for digital identity, verifiable credentials, avatars, NFTs and the Metaverse.
The offering consisted of one common share and one purchase warrant for another. Just over 18.3 million units were issued at a purchase price of $0.05 each, for gross proceeds of approximately CA$915,700 (approximately US$704,000).
“The Company continues to review interest in our financing offering and we felt it was appropriate to close off this tranche at this time,” comments David Lucatch, CEO. “We continue to execute on our mandate as we deliver products and services for digital identity and verifiable credentials, avatars, NFTs and the Metaverse and we look forward to showcasing our progress at our event next week.”
Liquid Avatar also recently updated its mobile app as it pursues a fast-growing decentralized identity market.