TransCrypts, a New York-based record management platform that has empowered 300,000 consumers to own and share their work and income history in a verifiable and auditable manner, announced that it raised $2.4 million 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, Decentralized VC, and a number of prominent angel investors.
The completion of this round will foster the company's continued growth as an efficient, secure, and user-friendly platform for consumer-enabled credential verification.
"The fact that we still rely on other entities to verify our work, income, and academic history is a testament to how antiquated credential verification is," said TransCrypts CEO Zain Zaidi. "With our proprietary blockchain solution, TransCrypts allows individuals to share their credentials directly in a trusted and secure manner. Not only does this make lending, leasing, and hiring a lot more efficient but also more equitable by removing the need for background checks which have a proven history of aiding discrimination against millions of Americans.
TransCrypts documents have been accepted across thousands of organizations and represent a new take on credential verification.
The company enables a future where job, loan, or lease applicants can share their verified credentials at the time of application saving employers, lenders, and property managers time and money in credential verification.
As the company grows it looks to expand its offering to other types of verification documents including medical, legal, and financial records.
Company: TransCrypt Solutions, Inc.
Round: pre-Seed Round
Funding Month: January 2023
Lead Investors: Mark Cuban and Protocol Labs
Additional Investors: Techstars, Alumni Ventures, One Piece Ventures, The Fund, Global Millennial Capital, Underdog Labs, Atland Ventures, Asymmetry Ventures, and Decentralized VC
Company Website: https://www.transcrypts.com/
Software Category: Record Management
About the Company: TransCrypts is an API-enabled platform that connects with existing HR and payroll databases. Using the information on those databases 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.