TransCrypts, a blockchain-powered corporate data verification platform, completed the inaugural Filecoin Techstars Accelerator class in June 2022. Within days of finishing the accelerator program, CEO and co-founder Zain Zaidi, co-founder and CTO Ali Zaheer, and their team closed a pre-seed round of $1.4M from investors.

Today, the company announced a $15M Seed round led by Pantera Capital with additional participation from Techstars, Mark Cuban, and others.

TransCrypts is tackling the cumbersome process employers go through when verifying job candidates’ credentials. The platform allows individuals to take control of their own records, enabling secure sharing and verification without depending on third parties. Each credential is fully encrypted and stored across a decentralized system, giving users full control over who can view their data and for how long.

TransCrypts encrypts all user data and stores the hash of that data on the blockchain. Users can then choose to share the corresponding private keys with specific individuals, ensuring access remains limited and secure.

“We view the background check as an outdated mechanism of the 20th century. They are inefficient, take a long time, and cost a lot of money. And more often than not, they’re inaccurate. Wouldn’t it be so much better if I, as an individual, could verify who I am in a way that other people could trust? And that's exactly what we're doing with TransCrypts. We're leveraging the blockchain to act as a trusted intermediary between me and whoever wants to verify my information," said Zain.

With this latest round of funding, TransCrypts is expanding its focus to include health and educational records. Recently achieving HIPAA certification, the company is well-positioned to give U.S. consumers full autonomy over their medical information, data traditionally held by healthcare providers.

Read more about the company's recent funding round in Axios.

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