Trinsic takes $8.5M in Seed round to add headcount, speed decentralized digital ID expansion
Jul 1, 2022
Jul 1, 2022, 2:56 pm EDT
Digital identity vendor Trinsic has closed an $8.5 million Seed round led by venture fund Georgian with participation from Kickstart Seed Fund, Founder’s Co-op, Osage Venture Partners, Forward VC and others. Company executives say this is the largest funding of its kind among decentralized identity startups. It will pay for product line expansion. Specifically, Trinsic executives confirmed they will use the funding in part to fill slots in engineering, product, sales and developer relations. Openings are listed online . Trinsic CEO Riley Hughes also wants to accelerate his vision of making digital IDs as common as credit cards. “Humanity is sending people to space, editing genes and developing AI that can write better blog posts than I can [and] yet, I still can’t even prove my legal name […] let alone anything else about myself – digitally,” says Hughes. “We’re fortunate to have a front-row seat as our customers and partners bring that future a step closer to reality.”
According to Hughes, decentralized digital identity applications are multiplying, but there are issues with standards among SoulBound tokens , Web5 , W3C , ISO , Decentralized Identity Foundation specifications and ToIP . Trinsic aims to solve interoperability headaches by providing a single API that acts as an abstraction layer and bridges ecosystems. “As we dug into the decentralized identity market,” says Tyson Baber, lead investor at Georgian , “Trinsic kept coming up as the leaders.”
Baber says, “Our R&D team had built a proof-of-concept using Trinsic before we were even introduced. Having first-hand knowledge of the product’s quality, coupled with the team’s vision for building a network of verified, user-controlled data made partnering with Trinsic an easy decision.”
Trinsic is not alone in working interoperable digital ID ecosystems. Last April, Trust Stamp CEO Gareth Genner highlighted the role of interoperable metaverse wallets with biometric authentication. More recently, the Open Identity Exchange and Trust over IP Foundation began collaborating to increase the adoption of interoperable and privacy-focused digital IDs.