HTGF invests in Spherity
Berlin-based blockchain startup Spherity has announced that it was received seed funding from High-Tech Gründerfonds (HTGF). HTGF is Germany’s most active seed-stage investor that has assisted over five hundred hi-tech companies in launching since 2005.
Spherity plans on utilizing the funds to hasten the development of its core platform. The platform would provide access to blockchain-based identity service offering to users. The company would also use those funds for improving its strategic relations with its userbase. Lastly, funds will be contributing to the refinement processes of their “Decentralized Identifier.”
What is Spherity?
Interactions between entities in the digital world need to be validated to ensure that the other party is the correct interacting partner. However, most of the systems existing today are optimized for internal operations interactions with outside parties is not as safe as we would want it to be.
As a solution, Spherity protects digital business procedures by assigning unique digital identities to entities such as machines, enterprises, and algorithms. The partners act as digital twins and sign transactions in the digital ecosystem cryptographically.
The startup was founded by Carsten Stöcker and Michael Rüther back in November 2017. The startup currently has eleven employees. The company’s main objective is to build a digital identity management solution that would power the fourth industrial revolution. The platform introduces secure identities to entities in the digital world, such as machines.
The client is focused on technical industries such as supply chain and medical goods. More specifically, Spherity introduces identity solutions in the Internet of Things (IoT) markets. This industry is expected to have a value of over four hundred billion dollars ($400B) by 2030.