Taceo announced that Archetype has completed $ 5.5 million seed funding round led by VC, including A16Z and other major firms. What will the fund be used?
Summary
- The startup behind the world of iris-scanning encryption software has completed $ 5.5 million seed funding round.
- The world’s iris-scanning verification has recurred backlash from several counties that speak the safey of data.
Press release for Crypto for Sen.
With funding, the team aims to expand other areas, which requires the use of technology that can save sensitive information and pass private private. Possibly, this identity is planning to die, financial services and AI.
The seed funding round was led by a generated VC with participation for A16z CSX, Cyber.fund, A. -Capital Ventures, Polymorphic Capital, and many major angel investors with participation for major firms.
The company is called the “private shared state”. The model is operated by a cryptographic tool called cosnarks that combines data protection during calculations through multi-cupotation and exit through the zero-knowledge project.
What is Taceo?
Install in 2022, Taceo was established by a team of developers of Graz University of Technology. The team’s first official project was Posidon Hash function. Dipping the epidemic, the team came up with a system that spreads the Kovid -19 infection.
The Austria-based company is most known for its ability to create software that enables many parties to collaborate on sensitive data with sensitive data to highlight the underlying information information centralized trust.
In 2023, it participated with Sam Altman World (WLD), to create software for its iris matching verification to give the world network. However, the software provoked public backlash over confidential concerns due to suspicion on the IRIS-scan collecting platform.
Due to this the project was banned in Indonesia, Brazil and Hong Kong, in which government officials investigated the project to collect and store individual faces and Iran.
Despite this fact, Taceo claims that the solution encrypted the biometric data of more than 14 million users, making it inaccessible for the world team as well. The database is the largest multiproity computation-safe data on public records.
