Dentity, the secure digital credentials and ID verification platform, closes a seed round to expand service to millions of consumers
Seed round was led by Blockchange Ventures and AARP
LOS ANGELES, Feb. 14, 2023 /PRNewswire/ -- Dentity, the secure digital credentials and ID verification platform providing safe, trusted interactions for consumers, announced today that it has closed a seed round led by Blockchange Ventures and AARP. In an era that has seen a record number of scams, frauds and identity thefts against consumers, Dentity is a leading identity verification platform where consumers can safely store the most important parts of both their private lives and public personas — from government IDs and memberships to professional accomplishments and brand loyalties — securely in one digital wallet.
"Verifiable credentials are the modern standard in personal digital identification, and we're thrilled to be leading this movement by enabling millions of consumers to have a more secure, verified digital identity. Dentity prioritizes providing consumers with complete control - allowing them to own their identity and identifiable information and share it – or not – with the people, companies and organizations they interact with online. This capital infusion will further support our efforts to bring the most advanced, modern, comprehensive standard for privacy and security to consumers - for free," said Jeffrey Schwartz, Founder and CEO of Dentity.
Since launching in 2021, Dentity has taken the anxiety and guesswork out of peer-to-peer interactions by giving users full control over how they share their information with the people, companies and brands they meet online. At a time when social media, marketplaces, and dating sites are swarming with fake accounts and anonymous profiles, Dentity enables users to know exactly who they're dealing with and feel safe transacting and interacting online.
"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. Online marketplaces, social media, and sharing economy apps are increasingly targeted by fraudsters, and the fallout can be financial, psychological, and sometimes physical. Dentity is easy to navigate and helps fight scammers that specifically target the aging," said Andy Miller, SVP of Innovation and Product Marketing, AARP.
Dentity leverages powerful web3 technology, including the blockchain, to ensure consumers' privacy when verifying and storing their identity information. Use of web3 privacy technology enables consumers to reclaim control of their digital information at a time when millions of identities are for sale on the internet and, according to the FTC, identity theft and imposter scams have reached an all-time high, with the number of reported cases more than doubling in recent years.
"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. Consumers don't have to understand blockchain technology to benefit from its advanced encryption and data-keeping capabilities. 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," said Ken Seiff, Managing Partner, Blockchange Ventures.
The Dentity web-app is free to consumers and currently features identity verification for a number of use cases, including bank-level KYC, social account verification, financial account verification, and professional credential verifications. Consumers can learn more at: https://www.dentity.com/.
About Dentity
Dentity is on a mission to make the internet a safer place by giving the power of identity back to consumers. By using verifiable digital credentials and leveraging blockchain technologies, Dentity enables trusted peer-to-peer interactions and serves as a self-service platform for credential issuers and verifiers. Used by thousands of consumers and large national organizations, the Dentity web-app features a mobile wallet that holds a variety of shareable ID credentials that protect the privacy and security of personal information. Dentity is based in Los Angeles, CA. For more information, please visit https://www.dentity.com/.
About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and the AARP Bulletin. To learn more, visit aarp.org and aarp.org/espanol, or follow @AARP, @AARPenEspanol and @AARPadvocates, @AliadosAdelante on social media.
About Blockchange Ventures
Blockchange Ventures is a fund that invests in early-stage blockchain companies, protocols, and applications with visions as big and bold as the Blockchain itself. Visit blockchange.vc for more information.
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