Trustatom, a Canadian company that provides blockchain-powered smart contracts, has raised early seed funding from a group of angel investors. The company is preparing to launch an investment due diligence SaaS, called CredyCo, powered by its proprietary technology stack and the blockchain.
The internet has provided a great way for parties to transact efficiently, prompting truly fascinating use cases, but the remaining key challenge is the need for mutual trust. To address this, Trustatom brings the trust mechanics that made Bitcoin possible into the mainstream.
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The company has raised early seed funding from a few angel investors, including Brian Cartmell and Vinny Lingham. The funds will further strengthen the Trustatom team and support the launch of CredyCo, a due diligence SaaS.
As Vinny Lingham states,
“Bitcoin has not only transformed our understanding of money and payments. It has also enabled cheap and efficient trust in a fast, globally interconnected world. Trustatom is strategically capitalizing on this understanding.”
At the core of company’s proprietary technology stack lies Trustatom ID, a mobile privacy-respecting identity and credentials application. Seamlessly integrated with other APIs Trustatom provides, Trustatom ID helps businesses reliably identify and verify their customers, as well as improve the security of their customers by using cryptographic signatures for authorizations.
As a part of their market strategy, the company is launching its first end-user product, CredyCo, over the course of Q1 and Q2 2015. CredyCo is a SaaS for automating document-based investment due diligence processes.
Powered by Trustatom’s technology, CredyCo reduces the complexity of the manual due diligence process through the use of timestamped and mathematically irrefutable, signed statements on KPIs (Key Performance Indicators), reports, milestones, and other information.
A company seeking funding can use CredyCo to document its progress. For example, it can securely record its financial and growth metrics, providing an efficient way for investors to gauge company’s credibility. This helps both investors and companies shorten the closure time and increase the number of successful deals.
What do you think about the potential of CredyCo? Let us know your thoughts in the comments.
Images from Trustatom