Array (  => March  => 29,  => 2019 )29March
Start-up of TUM graduates has bagged $600,000 in pre-seed funding
Investors from Silicon Valley have chosen a digital start-up that will simplify online identification processes. The start-up founded by TUM graduates will allow users to take control of their digital identity and enable companies to verify their account users. The founders went through the Manage&More Entrepreneurship Program of UnternehmerTUM and already gained start-up experience there during their studies.
The start-up offers a software interface designed to allow developers to provide websites and apps with a secure identification process in a short time. Once verified by video self-service and ID, users can conveniently log into networks or shops using a button. The operators, on the other hand, have the assurance that there are real people behind the profiles. Initially, the founders want to concentrate on the B2B market. The focus is on companies that have problems with fake accounts – such as dating platforms, fintechs or travel providers.
On the investment, Seedcamp Partner, Sia Houchangnia, comments: “The digital world we live in is crying out for a better identity system. Passbase is not the first company to go after this massive opportunity but we believe with all the recent privacy-related scandals, the timing is right for a decentralized approach to the problem, which puts people in control of their most sensitive data. To go after such a huge problem, it requires a stellar team that works 10x harder than the rest and we are confident we have found just that with Dave, Mathias, and Felix.”
The team plans to launch their consumer product within the next few weeks, which will allow people to track their digital footprint and take back control over the data they have shared with businesses and websites. “We believe this is the first step towards giving people back control over their personal information online. Businesses will always need to identify their users, but with Passbase they can do that in a seamless, privacy-preserving way.” – Mathias Klenk, TUM graduate and Co-Founder at Passbase.
Students who want to launch their own startup can contact the founders for advice, who are currently also looking for project students and interns.