- The seed round, led by Georgian, will be used to build user-controlled identity products.
- Trinsic provides groups with a single API that serves as an abstraction layer that connects ecosystems.
Trinsic, the industry-leading platform for creating user-controlled identity products, recently announced the closing of a USD 8.5 million seed round sponsored by Georgian and included investors such as Jon Gelsey, Founding CEO of Auth0, Frederic Kerrest, Executive Vice Chairman, Co-founder and amp; COO of Okta, Kickstart Seed Fund, Founder’s Co-op, Osage Venture Partners, Forward VC, and a dozen of additional angel investors. The current round of funding represents the biggest of its kind in the decentralized identity market.
“Humanity is sending people to space, editing genes, and developing AI that can write better blog posts than I can,” said Riley Hughes, co-founder and CEO of Trinsic. “Yet, I still can’t even prove my legal name is Riley Hughes – let alone anything else about myself – digitally. Decentralized identity will finally solve this. We’re fortunate to have a front-row seat as our customers and partners bring that future a step closer to reality.”
The importance of decentralized identification
Decentralized identity is highly sought after, but there are a bewildering number of standards that developers must be able to work with—with the most recent additions to the list being W3C, ISO, and other industry-specific standards being “SoulBound Tokens” and “Web5”. Trinsic provides groups with a single API that serves as an abstraction layer that connects ecosystems, simplifies the development procedure, and guarantees that products are future-proof.
Dozens of banks, automakers, insurance providers, governments, and startups are using Trinsic’s platform to develop user-controlled identity products. Almost 100,000 end consumers collectively use these goods, an increase of over 10 times over the previous year. As more of its clients see the benefits of making identity data reusable across contexts, the company anticipates continuing with its expansion spree.
“As we dug into the decentralized identity market, Trinsic kept coming up as the leaders,” explained Tyson Baber, lead investor at Georgian. “Our R and amp;D team had built a proof-of-concept using Trinsic before we were even introduced. Having first-hand knowledge of the product’s quality and the team’s vision for building a network of verified, user-controlled data made partnering with Trinsic an easy decision.”
Trinsic intends to use this additional funding to grow its workforce and advance its goal to make digital identity as commonplace as credit cards.