coincodex.com
Key takeaways:
- Authtrail, a simple to use and fast data integrity platform powered by Moonbeam, raised $3.6 million during its strategic funding round
- The newly acquired capital will go towards building blockchain tools designed to mitigate the effects of data manipulation and mismanagement
- Inefficient data management can cost companies as much as 25% of their yearly revenue
Authtrail, a data integrity SaaS platform powered by blockchain, announced its raised $3.6 million from a number of angel and venture capital investors during its strategic funding round. The company plans to use the capital for further development of its Web 3.0 data managing solutions.
Authtrail brings security, traceability, and immutability of blockchain-based data to enterprise operations
With the rise of computing power and proliferation of various internet products and services, the production of new data has skyrocketed to unprecedented levels in recent years. The US-based tech giant IBM estimates that 2.5 quintillion bytes of data are produced every single day. It is worth noting that inefficient data management can cost companies as much as 25% of their yearly revenue, making effective organization and management of digital data of paramount importance.
Authtrail uses blockchain technology to help enterprises organize vast quantities of data to make their businesses more efficient and better suited to reap the benefits of the so-called Big Data revolution. Auhtrail provides a seamless way for enterprise operations to bring their data to the blockchain and enjoy the benefits of better security, traceability, and immutability. Authtrail clients can easily prove their data is trustworthy, valid, and compliant with standards, and can thus give their product and services’ users peace of mind.
Authtrail was founded in 2020 as a Kalmia spin-off. Earlier in the year, Authtrail combined forces with Moonbeam Network, a leading parachain on Polkadot, to achieve higher transactions speeds while retaining market low transaction costs. At the time, CEO of PureStake and Founder of the Moonbeam project talked about the partnership with Authtrail:
“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.”
The Slovenian-based data integrity company provides a seamless way of integration with various enterprise data organizational structures and works as a low-maintenance add-on. Authtrail API sifts through the data and collects it in a specialized database where it is then verified, hashed, and anchored on the Polkadot-powered Moonbeam blockchain. Once the process is complete, anyone with a proper link can verify the integrity of the data.
Authtrail CEO Matjaz Sobocan talks about the recently concluded funding round:
“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.”
Authtrail plans to use the newly acquired capital to establish the company as an industry-leading data integrity firm and distribute grants among visionary developers, startups, and entrepreneurs that are building new software and hardware solutions to make the data integrity industry thrive.