Authtrail Closes $3.6 Million Strategic Funding Round To Deliver Web3 Data Integrity Platform
Blockchain-based data integrity SaaS platform, Authtrail, has completed its latest funding round, collecting $3.6 million from a consortium of investors and venture capital firms. Per the Authtrail team, these funds will be earmarked to accelerate the forthcoming stages of product development and business growth.
Additionally, Authtrail plans to invest in expanding the data integrity market through grants to developers, startups, and entrepreneurs building new tools and solutions through the Authtrail LaunchHub.
2021 has been eventful for the Authtrail team, with the platform witnessing significant enterprise adoption and traction across several industries. One of the clients currently using Authtrail for data integrity is a leading technology firm with over 6,000 employees across more than 30 countries.
On the successful fundraising and the company’s plans, Authtrail CEO Matjaz Sobocan notes, “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.”
Addressing The Problem Of Data Integrity
Data-related problems are one of the most significant pain points for companies and corporations worldwide. While blockchain technology can solve this, most traditional organizations aren’t quite familiar with it. As a result, even though a solution exists, companies cannot utilize it to their advantage.
Authtrail addresses this dilemma by offering a market-ready, fast, easy-to-use data integrity platform. Its solution serves as the bridge between enterprise data and blockchain networks, helping businesses leverage the unparalleled security, transparency, and immutability offered by public ledgers and distributed ledger technology (DLT).
By combining enterprise operations with blockchain-based data security, traceability, and immutability, Authtrail enables enterprise users to prove their product and service data is trustworthy, valid, and compliant with standards.
In its essence, Authtrail is blockchain-agnostic, which allows it to maintain easy pluggability with individual blockchain networks, even private blockchains. Simultaneously, Authtrail is able to offer a fully agile infrastructure that can facilitate various enterprise-level demands. At the same time, it also helps Authtrail to continuously scale its infrastructure with the ever-evolving blockchain ecosystem.
Earlier this year, Authtrail integrated with the Moonbeam network to ensure higher efficiency and lower transaction costs for its clients. Not only does Moonbeam offer an easy on-ramp to the Polkadot ecosystem, but it also enables Authrail to seamlessly communicate with other parachains in the Polkadot (and Kusama) ecosystems. Moreover, the Authtrail team can also develop their own parachain on Moonbeam.
For now, Authtrail employs the Moonbeam network to assure and verify enterprise data integrity as an end-to-end data integrity provider. The dynamics of future expansion largely depends on how the Moonbeam and Authtrail ecosystems evolve with time. Additionally, Polkadot-based Moonbeam brings the best of both Polkadot and Ethereum ecosystems, empowering Authtrail to fully realize features like interoperability, faster throughput, scalability, and cost-efficiency.
The platform forges connections between enterprise data and blockchain technology by aggregating data via the Authtrail API. Once aggregated, all data is verified, hashed, and anchored on the Moonbeam chain. Thus, Authtrail can create a seamless link between real-world businesses and groundbreaking technology to ensure data integrity.
The applications offered by Authtrail are compatible with Microsoft, Oracle, Shopify, Salesforce, SAP, and several other leading platforms. According to this point, any organization can use Authtrail without dealing with complex code and technology requirements. The platform is easily integrated and offers a highly intuitive user interface, shortening what can otherwise be a steep learning curve.Source