Spherity has raised a seed investment round from High-Tech Gründerfonds (HTGF) to support the growth of its team.
Capital is also earmarked to support the development of its identity service offerings and increase the development of its core platform. The RegTech startup is hoping to extend its existing strategic relationships with customers.
The Germany-based company offers a decentralized identity management solution for industrial IoT applications. Its technology helps create and manage digital identities for humans, products, machines, algorithms, and data sets.
By leveraging decentralized identifiers, it designs intelligent serial numbers for products and services which are then linked to verifiable credentials which can be stored wherever and have strong data privacy and access controls.
One of the uses for the Spherity solution is verifiable transactions, which helps users create, sign and manage contractual agreements and transaction, helping to incorporate secure crypto payments into a business.
High-Tech Günderfonds investment manager Christian Ziach said, “In a thought through digitalization in which we want to raise the potential of blockchain technologies, it is not enough to network every “milk can” with 5G. In the Internet of Things (IoT) things must be clearly identifiable. Only in this way can trust be created, which is the basis of any contractual relationship.
“At the same time no isolated solutions may be created. This is where Spherity comes in, who has developed an application- and industry-spanning, scalable and secure software solution.”
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