Market Insights

The International Edition: Friday Dealbook for 10/19/2019

October 18, 2019

This week’s deals prove that digital identity is a challenge without borders. Evervault, a Dublin-based startup, raised $3.2 million for data privacy digital infrastructure; ICONLOOP, headquartered in Seoul, raised $8 million for its blockchain-based digital identity solution; and TruTag, from sunny Hawaii, brought in $7.5 million for its identity-of-things tracking technology. Companies worldwide are building solutions and attracting significant attention and funding across industries.

 

The Top Deals Covered by OWI this Week

 

Evervault \ evervault.com \ Founded in 2015

Developer of internet infrastructure intended to make data privacy simple and accessible for all. The company provides simple developer tools to deploy applications in hardware-hardened containers, enabling clients to focus on building products and not security.

The company raised $3.2 million of seed funding in a deal led by Sequoia Capital on October 16, 2019. Kleiner Perkins, SV Angel and Frontline Ventures also participated in the round. The funding will be used to implement the company’s API at scale and expand the Evervault team.

 

ICONLOOP \ iconloop.com \ Founded in 2016

Developer of a proprietary blockchain engine for digital identification services. The company, based in Seoul, South Korea, is a subsidiary of DAYLI Financial Group and specializes in the implementation and design of blockchain technology to improve both scalability and security.

The company raised $8 million of Series A venture funding in a deal with participation from seven investors, including Korea Technology Finance Corporation and TS Investment. The funding will be used for the launch its DID service “my-ID” and expansion of the “my-ID Alliance”.

 

TruTag Technologies \ trutags.com \ Founded in 2011

Developer of precision-fabricated nano-porous silica intended for a variety of applications and security solutions. The company uses a technology platform to develop silica-based micro tags containing spectral code chosen from a vast library, enabling pharmaceutical and nutraceutical companies, secure labels, hyperspectral imaging and precision drug delivery industries to identify and secure their products as well as improve their operations.

The company raised $7.5 million of Series C venture funding from Happiness Capital and Pangaea Ventures. The funding will be used to further commercialize its technology and develop new solutions.

 

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Investor Highlight

 

Frontline Ventures \ frontline.vc \ Founded in 2012

Description of Investor

Founded in 2012, Frontline Ventures is a venture capital firm based in Dublin, Ireland. The firm has an additional office in London, United Kingdom. The firm prefers to invest in the big data, cloud services, internet, and mobile sectors.

Active Portfolio – 40

Investments (TTM) – 11

Med. Round Amount – $2.70M 

Med. Valuation – $9.41M

# of Exits – 9

Deal History

In the past year, Frontline Ventures has invested in the following 5 identity companies:

AQMetrics

Astronomer

Evervault

Tracworx

umba

 

*Source: PitchBook Data Inc. with proprietary keyword searches set by OWI Analysts