Icelandic tech start-up Authenteq has received investment from three prestigious investors in the technology start-up world, increasing their share capital by ISK 135 million (USD 1.3 million/EUR 1.1 million). Vísir reports.
Authenteq is an automatic identity verification and privacy platform allowing users to verify their identity to third parties, including a wide range of online services. The technology could help prevent and lower fraud. The company has received grants from the Icelandic Technology Development Fund and the Innovation Centre Iceland.
The three investors are from the Silicon Valley, London, and Berlin. The best known of the three is venture capital investor Tim Draper of Draper Associates, whose company has invested in many of the best known tech companies in the world, including Tesla and Skype. The other two investors are Initial Capital from London and Cavalry Ventures from Berlin.
Kári Þór Rúnarsson, Authenteq founder and CEO, says the capital will be used to expand the team and prepare for the product’s international release.