Unum ID, a digital identity company, has secured $2m in its seed funding round which was led by earl-stage venture capital firm Draper Associates.
Additional contributions came from TappanHill Ventures, Wedbush Ventures, Hard Yaka and several unnamed angel backers.
Proceeds from the round will be used to accelerate the sales and product development of the platform.
This capital comes after the company witnessed a strong year of growth, including being named a TechCrunch Top Pick at Disrupt SF, adding key advisors including IdentityMind founder Dan Kolkowitz and NEO head of development John deVadoss and saw overwhelming inbound interest across industries.
Unum ID is designed to improve the verified identity processes. It works by tying a single human to their mobile device, which in turn, is attached to online identities through cryptography. Through this, they can create a single identity which can be shared and common with all businesses.
Draper Associates founding partner Tim Draper said, “We all spend so much of our lives verifying our identity online. It’s frustrating as a user and expensive for companies. Unum ID makes it instant and inexpensive, and I can’t wait to see it everywhere.”
With the close of the new round, the RegTech has raised $3.2m in equity since it was launched.
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