- Authtrail announces the end of a 3.6 million funding round.
- The funds realized will be utilized for the next stages of product development and business growth.
- Authtrail is based on Moonbeam, a leading parachain on Polkadot.
Authtrail announces the closing of its $3.6 million strategic funding round. The blockchain-based Software as a Service (SaaS) platform for enterprise data integrity, based on the Moonbeam network, revealed that the fund will be used to spearhead the next stages of product development and business growth.
Authtrail, one of the few projects in the Web3 ecosystem that has already achieved adoption on an enterprise level. The strategic round of funding will set the pace for the subsequent stages of business growth and aid set the pedestal for Authtrail as a go-to solution for data integrity and a model for enterprise adoption of blockchain technology.
Authtrail was co-founded by Matjaž Sobočan (CEO), Tadej Vengust (CTO), and Domen Uršič (CMO) in 2020 as a Kalmia spin-off. Authtrail has expanded its network of enterprise clients in need of higher quality data. As a result, this advanced data integrity solution gained the interest of multiple clients across different industries. One of the clients is a member of a multinational technology group with over 6,000 employees across 30 countries.
CEO Matjaz Sobocan affirms the value of the Authtrail, he says,
Backed by several Angels and multiple VCs, Authtrail will help companies leverage higher quality data, equipped with integrity, as they implement blockchain technology into daily operations seamlessly and at a low cost.
In addition, Authtrail says it plans to invest in expanding the data integrity market through grants for visionary developers, startups, entrepreneurs building new tools and solutions in Authtrail LaunchHub.
Accordingly, Authtrail has attracted the interest of multiple clients across industries due to its network of enterprise clients in need of higher quality data. It acts as a link between enterprise operations on one hand and the security, traceability, and immutability of blockchain-based data on the other.
As a result of the merger between the above-mentioned two spheres, it gives enterprise users the power to prove their product and service data is trustworthy, valid, and compliant with standards.
The integration of Authtrail with Moonbeam Network was announced early this year, thus, leveraging Moonbeam’s higher efficiency and lower transaction costs compared to other networks.
Following the alliance Derek Yoo, CEO of PureStake and Founder of the Moonbeam project states,
Authtrail is a great example of leveraging open Web3 technologies to solve real-world problems for regular users. We are delighted to support the team at Authtrail in bringing Moonbeam as a solution to challenges in enterprise environments.
Moreover, Authtrail works as an add-on to all existing data management systems. Data gets verified, hashed, and anchored on the Polkadot-powered Moonbeam blockchain once compiled from databases and apps through the Authtrail API.
By all means, anyone with proper access can check the veracity of the data relying solely on blockchain technology without the interference of human agents with a simple shareable link. Authtrail helps companies embrace a new competitive edge as they can easily access relevant and verified data internally, and help end-users, auditors, and/or regulators to gain trust in their data.