Digital identity startup Passbase has bagged $600,000 in pre-seed funding led by a group of business angel investors from Alphabet, Stanford, Kleiner Perkins and EY, as well as seed fund investment from Chicago-based Upheaval Investments and Seedcamp.
The 2018-founded Silicon Valley-based startup — whose co-founder we chatted to briefly on camera at Disrupt Berlin — is building what it dubs an “identity engine” to simplify identity verification online.
Passbaseoffers a set of SDKs to developers to integrate into their service facial recognition, liveness detection, ID authenticity checks and ID information extraction, while also baking in privacy protections that allow individual users to control their own identity data.
A demo video of the verification product shows a user being asked to record a FaceID-style 3D selfie by tilting their face in front of a webcam and then scanning an ID document, also by holding it up to the camera.
On the developer front, the flagship claim is Passbase’s identity verification product can be deployed to a website or mobile app in less than three minutes, with just seven lines of code.
Co-founderMathias Klenktells TechCrunch the system architecture draws on ideas from public-private key encryption, blockchain and biometric authentication — and is capable of completing “zero-knowledge authentications.”
In practice, that means a website visitor or app user can prove who they are (or how old they are) without having to share their full identity document with the service.
Klenk, a Stanford alum, says the founding teampivoted to digital identity in the middle of last year after their earlier startup — a crypto exchange management app called Coinance — ran into regulatory difficulties right after they’d decided to go full-time on the project.
He says they got a call from Apple, in August 2018, informing them Coinance had been pulled from the AppStore. The issue was they needed to be able to comply with know your customer (KYC) requirements as regulators cracked down on the risk of cryptocurrency being used for money l