TransCrypts, a San Francisco, CA-based provider of a record management platform that empowers consumers to own and share their work and income history in a verifiable and auditable manner, raised $2.4M in Pre-Seed funding.
The round was led by Mark Cuban and Protocol Labs, with participation from Techstars, Alumni Ventures, One Piece Ventures, The Fund, Global Millennial Capital, Underdog Labs, Atland Ventures, Asymmetry Ventures, and Decentralized VC.
The company intends to use the funds to accelerate growth.
Led by CEO Zain Zaidi, TransCrypts is an API-enabled as a user-friendly platform for consumer-enabled credential verification. The system connects with existing HR and payroll databases. Using the information on those databases, it issues blockchain backed credentials to the individuals in those organizations who can then share that information with requesting third parties such as lenders, property managers, and employers.
Currently live at over 140 different enterprises, TransCrypts saves human resource departments time, money, and compliance related headaches in responding to these employment and income verification requests for their current and past employees. By enabling the individual to self-serve these requests directly, TransCrypts improves the verification process for the consumer, the verifier, and the HR.
FinSMEs
23/01/2023