TransCrypts, a San Francisco, CA-based supplier of a document administration platform that empowers shoppers to personal and share their work and revenue historical past in a verifiable and auditable method, raised $2.4M in Pre-Seed funding.
The spherical was led by Mark Cuban and Protocol Labs, with participation from Techstars, Alumni Ventures, One Piece Ventures, The Fund, International Millennial Capital, Underdog Labs, Atland Ventures, Asymmetry Ventures, and Decentralized VC.
The corporate intends to make use of the funds to speed up progress.
Led by CEO Zain Zaidi, TransCrypts is an API-enabled as a user-friendly platform for consumer-enabled credential verification. The system connects with current HR and payroll databases. Utilizing the knowledge on these databases, it points blockchain backed credentials to the people in these organizations who can then share that data with requesting third events corresponding to lenders, property managers, and employers.
At the moment reside at over 140 totally different enterprises, TransCrypts saves human useful resource departments time, cash, and compliance associated complications in responding to those employment and revenue verification requests for his or her present and previous staff. By enabling the person to self-serve these requests immediately, TransCrypts improves the verification course of for the buyer, the verifier, and the HR.