Passbase closes pre-seed funding round of £400k
Passbase has recently closed a pre-seed round of €530k from angel investors from Alphabet, Stanford, Kleiner Perkins, EY, Upheaval, and Seedcamp.
They will use the funding to develop their core infrastructure, launch a B2B product and their first privacy-focused consumer application. They are also investing heavily in machine learning, making the product simple to integrate, and GDPR-compliant by design.
They offer businesses a simple-to-integrate set of developer tools, combining facial recognition, liveness detection, ID authenticity checks, and ID information extraction.
The verification process gives people control over the identity information they have shared through our privacy-focused consumer product. This allows people to ultimately control who has access to their identity information, streamline future verifications, and give people the tools to they need to manage their digital footprint.
“We believe this is the ﬁrst step towards giving people back control over their personal information online,” said Mathias Klenk, Passbase co-founder. “Businesses will always need to identify their users, but with Passbase they can do that in a seamless, privacy-preserving way.”
“The digital world we live in is crying out for a better identity system,” said Seedcamp Partner Sia Houchangnia. “Passbase isn’t the ﬁrst company to go after this massive opportunity but we believe with all the recent privacy-related scandals, the timing is right for a decentralized approach to the problem which puts people in control of their most sensitive data.
"To go after such a huge problem, it requires a stellar team that works 10x harder than the rest and we are conﬁdent we have found just that with Dave, Mathias, and Felix.”