News suggests that Authenteq, the creator of the blockchain identity verification platform, Trollteq has raised $5 million through funding by Draper Associates and Capital300 in a two weeks process.
The company officials have disclosed that more investors are contacted for further funding which is expected to be completed in a few weeks time. The CEO of Authenteq, Kari Thor Runarsson gave his insight on why he thinks the funding process was necessary, stating:
The reason we decided to do two closings is we were introduced to an investor (Capital300) with a startup mindset of getting things done and felt it was a great challenge to try to finish all due diligence and paperwork in two weeks after the term sheet was approved.
He explains how the introduction with Capital300 encouraged the company to raise funds within legal parameters in only two weeks. Further adding:
It was sort of a field test for us to see if they really were as agile and dynamic as they claimed to be during our discussions. We were honestly surprised how smoothly it went, despite a very thorough due diligence and legal process.
Mr. Runarsson describes his experience with the investing company more of a shock as he did not expect the company to complete the funding process so fluently and that too, under strict legal obligations. He stated that it was like an experiment in the beginning as he intended to see if Capital300 would actually fall on the standards it set for itself and thankfully for both parties, it did.
The CEO of the blockchain identity verification platform expresses his sentiments on working with both organizations for raising funds at the earliest as Authenteq was successful in receiving overwhelming response from clients within the first few months of the launch of Authenteq’s service. Mr. Runarsson said:
Having forward-thinking investors such as Tim Draper continue his support of Authenteq after backing the company in the seed round and a convertible note shows his interest and dedication to the space.
Mr. Runarsson is convinced that the never ending support of Draper Associates’ founder, Tim Draper depicts the man’s commitment towards the blockchain ecosystem due to his massive contribution towards start ups operating in the technology. He continued with appreciating the offerings of Capital300:
And having investors like Capital300 who show the entrepreneurial spirit of getting stuff done in record time really gives us confidence that we have picked the right investors for our continued growth.
When a company receives the support of investors who back their operations financially and help them achieve their objectives within no time, it boosts the confidence of that organization massively and gives them the surety that they have made the correct choice in choosing their investors who will help them through their journey of reaching growth, similar are the views of Mr. Kari Thor Runarsson.
Mr. Tim Draper is one of the most renowned personalities in the investing business as he holds investments in the leading organizations of the world such as, Skype, Tesla, SpaceX, Baidu, Coinbase, Robinhood, and Twitch. Hence, his credibility and expertise in the work he does are unquestionable and quite unbelievable. When asked about why he holds such strong faith in the growth of Authenteq’s project, Mr. Draper responded:
I believe that Authenteq is the beginning of the solution to true and pure identity, which may eliminate many of the security concerns in the market today. Their product is simple and elegant.
Mr. Draper has pointed out the issues with the financial market today stating that the market is unprotected nowadays and the issues concerning consumers and companies’ security are causing all sorts of issues and are negatively affecting the relationship between clients and organizations. Therefore, Authenteq’s new model for designing a blockchain identity verification platform will help restore the credibility of consumers as well as the organizations as it will provide solutions against false identities and spams that will result in eliminating the security problems in the industry.
The investors of Authenteq believe that although the blockchain ID verification platform designed by the company is not advanced or complex and is rather “simple and decent”, it will be revolutionary step in the world of trade for organizations as it will help them protect their consumers and their wallets and safeguard the reputation of their company. Thus, there is no surprise in the fact that such strong belief from the investors led to their investments in the project. Now lets hope that the outcome meets the expectations for the good of the industry.