Taceo has announced that it has completed a $5.5 million seed funding round led by Archetype VC. What is the funds used for?
summary
- The startup behind the world’s Iris Scan encryption software has completed a $5.5 million seed funding round.
- Verification of global iris scans has received backlash from several countries speculating on the safety of their data.
According to a press release sent to crypto.news, the capital raised from the funding round will be used to form teams and scale technologies aimed at expanding the company’s utilities beyond crypto and distributed finance.
With funding, the team aims to explore other areas that require the use of technology that protects sensitive information and ensures privacy. Potentially, it plans to jump into identity verification, financial services, and AI.
The Seed Funding Round is led by Archetype VC and is attended by major companies including A16Z CSX, Cyber.Fund, A.Capital Ventures, Polymorphic Capital, and several well-known angel investors.
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The company is developing what is known as “private shared states.” This model features an encryption tool called Cosnarks, which combines data protection in-computation via multi-party calculations and results that prove multi-party calculations and results via zero-knowledge proofs.
What is Taceo?
Founded in 2022, Taceo was founded by a team of developers at Graz Institute of Technology. The team’s first official project was the Poseidon Hash feature. During the pandemic, the team came up with a system that could track spreads from Covid-19 infections.
The Austria-based company is primarily known for its ability to build software that allows multiple parties to collaborate with sensitive data without releasing the underlying information or complying with centralized trust.
In 2023, we partnered with Sam Altman’s World (WLD) to build software for the IRIS matching verification service, which will be used to provide access to global networks. However, the software has caused public backlash against privacy concerns due to doubts about the platform that collects iris shapes.
This banned the project in Indonesia, Brazil and Hong Kong, and government officials have investigated the project to collect and store individual face and iris information.
Despite this fact, Taceo claims that the solution fully encrypts biometric data for over 14 million users, and does not even have access to global teams. The database is the largest multi-party, calculated, collateral data set in public records.
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