The 15 in Arctic15 stands for 15 finalists of the pitching competition. We introduce them all. This is story No 15.
It is an increasingly common problem in our online society – how you can be certified as a seller or buyer? And how can you control the amount of information you share? There is a simple solution – you use the Authenteq app.
Once you install the app, you are certified as a buyer and seller and you go onto online markets. Through their process, Authenteq is trying to offer a good financial transaction experience while you control the amount of data you share with your buyer or seller who is a stranger. They are aiming to raise credibility between strangers and to raise awareness regarding online actions.
As I was trying the app, I was curious to find the story behind this innovative idea. Authenteq was founded in 2015 by Kari Thor Runarsson and Runar Karlsson. Runarsson, the CEO and Founder of Authenteq, told NordicStartupBits how he had come up with this idea while he was travelling and had decided to rent a car. The problem was that the car he rented was scratched before it was assigned to him and the rental agency claimed the scratch had happened while he was using the car.
Although he received his deposit back after some time, he tried to find a way of solving the problem. Authenteq is targeting a niche market taking ID-proofing to peer-to-peer business. An example of how ID-proofing has been used in other sectors is Pingle and Keybase.
Authenteq has raised 180,000 dollars in seed money and they are looking for larger seed rounds. Moreover, part of their growing plan is to partner with the biggest websites.