Digital ID startup Dentity has closed a seed funding round led by Blockchange Ventures and AARP Innovation Labs – though the company hasn’t disclosed how much capital it raised.
Founded in 2021, Dentity is working on a digital ID solution designed to let end users store a range of virtual credentials, from government-issued IDs to loyalty cards to professional certifications, in a single digital wallet. And it features selfie-based biometric identity verification, matching end users’ selfie images to uploaded pictures of their official identity documents.
The company says that it leverages web3 and blockchain technology to store users’ identity information, thereby helping to protect privacy. In a blog post last summer, Dentity explained that it had completed the “decentralized identity ecosystem” needed to support that functionality, adding that relying parties could verify Dentity users’ credentials through an OpenID Connect app using OAuth2 authentication.
“It’s rare to find a company that is already leveraging all of the advancements of the blockchain to deliver tangible solutions to widespread, real world problems,” said Blockchange Ventures Managing Partner Ken Seiff. “We’ve been impressed by Dentity’s ability to seamlessly, with efficiency, offer all the security and encryption benefits of the blockchain without impeding the experience of consumers and the organizations that serve them.”
AARP Innovation Labs, meanwhile, is at first glance a more unusual fit for the web3-focused ID startup. The organization tends to focus on supporting startups that offer solutions related to aging demographics, and runs an accelerator program to help startups “better understand the 50+ consumer and position their solution to tap into the $8.3 trillion longevity economy,” according to its website.
“We got to know Dentity during their participation in the AARP Innovation Labs’ Accelerator Program and share their vision of making the internet a safer place for people of all ages and backgrounds,” explained AARP’s SVP of Innovation and Product Marketing, Andy Miller. “Dentity is easy to navigate and helps fight scammers that specifically target the aging.”
Dentity’s digital ID app is already available through a web app and registration is free for consumers, as the company seeks to build a user base that could prove valuable to organizations with identity and age verification needs.