Authenteq, an identity verification platform in Iceland, has declared that the company has raised $5 funding to develop a blockchain-based identity verification tool dubbed as Trollteq. The funding round was led by Draper Associates and Capital300.

Launched in 2018, the platform uses Artificial Intelligence (AI) and blockchain technology to verify the identity of users with governmental facial recognition algorithms within 60 seconds. Authenteq has also claimed that the platform only stores a hash string, thus, third-party users or the company itself cannot access or store any personal information of the users.

Furthermore, the company has also declared its intent to close the second round of Series A funding in the coming weeks. As per Crunchbase reports, Authenteq has raised a total amount of $7 million since 2015 in seven rounds.