Authtrail closes $ 3.6 million strategic funding round for its data integrity platform

Press release

Ljubljana, Slovenia, December 15th – Authtrail, a blockchain-based SaaS platform for corporate data integrity, announced the completion of a strategic financing round of $ 3.6 million. Based on the Moonbeam network, Authtrail is one of the few projects in the Internet3 ecosystem that has achieved corporate-level adoption. The team will use the funds to advance the next stages of product development and business growth with the goal of becoming a household name for corporate data integrity around the world.

Today at least 2.5 trillion bytes of data are generated every day. The digitization of organizations and companies contributes a large part to the data pool. Unfortunately, too many people still struggle to rely on their information due to a lack of quality and integrity. Unreliable data and inefficient management can cost a company 15 to 25% of its annual revenue.

Authtrail acts as a link between the company’s operations on the one hand and the security, traceability and immutability of blockchain-based data on the other. By bringing the two together, business users can demonstrate that their product and service data is reliable, valid, and compliant. Founded in 2020 by Matjaž Sobočan (CEO), Tadej Vengust (CTO) and Domen Uršič (CMO) as a by-product of Kalmia, Authtrail has expanded its network of corporate customers who need high quality data in higher quantity. Hence, this advanced data integrity solution has attracted the interest of many customers in various industries. One of the customers is a member of a multinational technology group with more than 6,000 employees in 30 countries.

Earlier this year, Authtrail announced its integration with the Moonbeam Community, which is more efficient to use and has lower transaction costs compared to other networks. “Authtrail is a great example of using open Website3 technologies to solve real-world problems for ordinary users. We are excited to support the Authtrail team in delivering Moonbeam as the solution to challenges in the corporate environment, ”said Derek Yoo, CEO of PureStake and founder of the Moonbeam project.

“Authtrail is supported by multiple Angels and multiple VCs and will help companies leverage higher quality data that comes with integrity while implementing blockchain technology seamlessly and cost-effectively in their day-to-day operations,” said CEO Matjaz Sobocan of the Value of Authtrail.

The strategic funding round will set the pace for the next phases of business growth and help establish Authtrail as the ultimate data integrity solution and model for enterprise adoption of blockchain technology. Additionally, Authtrail plans to invest in growing the data integrity market through grants for visionary developers, startups and entrepreneurs to develop tools and solutions. New method in Authtrail LaunchHub.

How it works?

Without disrupting the basic operating mode, Authtrail acts as an add-on to all existing data management systems. After compilation from the database and application via the Authtrail API, the data is verified, hashed and fixed on Polkadot’s Moonbeam blockchain. With a simple shareable link, anyone with the appropriate access can verify the authenticity of data based solely on blockchain technology without the intervention of human agents. .

About Authtrail

Authtrail bridges the gap between the value of corporate data and the power of blockchain technology. Powered by Moonbeam. Designed for growth.

Traceability is the ability to provide facts, transparency is to present them. With Authtrail, companies can take advantage of a new competitive advantage – while continuing their business as usual, they show that they are trustworthy and cooperative, with easy access to data. The data is relevant and verified internally and helps end users, auditors and / or regulators gain confidence in their data. In other words, digitized companies increase productivity by making day-to-day operations more efficient while reducing overall data management costs. In this way, the high quality and reliable data guaranteed by Authtrail will help build better business and open up new growth opportunities.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.