Authtrail, a blockchain-based SaaS platform for enterprise data integrity, announced the closing of a USD 3.6 million strategic round of funding. Based on the Moonbeam network, a leading parachain on Polkadot, Authtrail has already achieved adoption on an enterprise level, making it a unique project in the Web3 ecosystem. The team will use the funds to spearhead the next stages of product development and business growth, aiming to establish itself as a household name for enterprise data integrity on a global scale.
Today, at least 2.5 quintillion bytes of data are produced daily. Digitized organizations and enterprises add a massive share to the data pool and too many still have a hard time relying on their information, given its lack of quality, and integrity. Unreliable data and its inefficient management can cost companies up to 15% – 25% of yearly revenue.
Authtrail works as a link between enterprise operations and the security, traceability, and immutability of data powered by blockchain technology. By merging the two spheres, it guarantees that all product and service data within an organization is trustworthy, valid, and compliant with standards. Co-founded by Matjaž Sobočan (CEO), Tadej Vengust (CTO), and Domen Uršič (CMO) in 2020 as a Kalmia spin-off, Authtrail has expanded its network of enterprise clients in need of higher quality data. A much-needed data integrity solution gained the interest of multiple clients across industries – among others, a multinational technology group with over 6,000 employees across 30 countries.
Earlier this year, Authtrail announced the integration with Moonbeam Network, leveraging its higher efficiency and lower transaction costs compared to other networks.
“Authtrail is a great example of leveraging open Web3 technologies to solve real-world problems for regular users. We are delighted to support the team at Authtrail in bringing Moonbeam as a solution to challenges in enterprise environments,”
Derek Yoo, CEO of PureStake and Founder of the Moonbeam project
»Backed by several Angels and multiple VCs, Authtrail will help companies leverage higher quality data, equipped with integrity, as they implement blockchain technology into daily operations seamlessly and at a low cost,«
Matjaž Sobočan, CEO of Authtrail
The strategic round of funding will set the pace for the next stages of business growth and establish Authtrail as a go-to solution for data integrity and a model for enterprise adoption of blockchain technology. Authtrail plans to invest in the expansion of the data integrity market through grants for visionary developers, startups, and entrepreneurs building new tools and solutions in Authtrail LaunchHub.
Traceability is the power to provide facts, transparency to display them. With Authtrail, companies can embrace a new competitive edge – while continuing their business as usual, they show they can be trusted and collaborated with, can easily access relevant and verified data internally, and help end-users, auditors, and/or regulators to gain trust in their data. In other words, more efficient business operations result in increased productivity while minimizing the cost of internal data management.
How does it work?
Without disrupting the fundamental operating mode, Authtrail works as an add-on to all existing data management systems. Once compiled from databases and apps through the Authtrail API, the data gets verified, hashed, and anchored on the Polkadot-powered Moonbeam blockchain. With a simple link, anyone with proper access can check the veracity of the data relying solely on blockchain technology without the interference of human agents.
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