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Evernym, a Self-Sovereign Identity solutions provider, has procured $8 million in a pre-series A fund round, with investors including Overstock’s venture capital arm Medici Ventures and Barclays Ventures.
Founded in 2013, the Salt Lake City-based firm allows organizations and governments to issue, accept, and verify credentials that operate similar to a digital passport. Its digital credential platform (Verity) allows organizations to interact with customers while giving clients control over their data.
As per a press release, the new capital injection will be used to “scale our offerings as businesses everywhere start to see what a future built on trust looks like,” Evernym President Steve Havas said.
Evernym implements blockchain technology to ensure data are not altered by developing a decentralized ecosystem of digital credentials that is more trustworthy than physical credentials found in the wallets of people.
Meanwhile, Medici invested $2 million in the company’s recent Simple Agreement for Future Equity (SAFE), which closed on Sept. 4, 2019. The initiative will allow the firm to convert its share in the SAFE to preferred stock in Evernym’s future priced round of equity funding.
“Evernym’s platform allows every person, organization, and connected thing to have an independent identity. Evernym fills out Medici Ventures’ identity pillar within our keiretsu and will help advance our government-as-a-service technology stack for civilization,” Overstock.com CEO Jonathan Johnson said.
Just recently, Overstock has officially named Johnson as its new chief executive officer after serving as an interim CEO since Aug. 22, when former CEO Patrick Byrne stepped down from his position after admitting to helping carry out political espionage and having a relationship with Russian spy Maria Butina.
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