A company specializing in decentralized ID – and which positions itself as a pillar of the EU’s digital transformation – has secured $6.5 million in funding as it introduces its technology to the U.S.
Hopae made its name building a national vaccination pass (COOV) that was used by 43 million users on a daily basis during the Covid-19 pandemic. Now, it’s focused on open-source building blocks for digital wallets, as the EU aims for 80 percent of its citizens to use the European Digital Identity (EUDI) Wallet by 2030.
The company helps governments and institutions issue reusable, privacy-preserving and unforgeable digital IDs and credentials.
The funding comes as Hopae introduces its proprietary, patented Digital Credential eXpress (DCX) architecture to the U.S. The company is also in the process of establishing its new headquarters in San Francisco.
Hopae will be hiring “aggressively” across its Seoul and Paris offices and securing talent for those locations as well as its new headquarters in order to “rapidly scale” as it prepares to provide “an ideal solution” for the EU’s new comprehensive framework for digital identity: eIDAS 2.0.
The $6.5 million funding includes $4.3 million in a seed round led by SV Investment with participation from Z Venture Capital and Bon Angels Venture Partners; along with $2.2 million in debt financing from Korea Credit Guarantee Fund (KODIT).
The funds will be used to establish the U.S. headquarters, expansion across Europe, and solidifying strategic partnerships for age and identity verification.
“DID will soon be used for everything from international travel to healthcare and certifications to online safety for minors,” said Ilyong Choi of SV Investment. “But a trustworthy, high performance solution is absolutely essential to protect businesses, government, and users themselves.”
“Hopae has the roots to revolutionize digital identity on a global scale. We are excited to help the company take its next steps forward,” he continued.
Co-founder and CEO of Hopae Ace Shim said: “Although eIDAS 2.0 represents a driving force for the adoption of Hopae’s technology, it is clear that this is a necessity for everyone from enterprises that seek to conduct international business to the shops that want to sell goods like alcohol online.”
“Hopae is at the forefront of a paradigm shift, and we are excited to bring DCX to the U.S.,” Shim added.
The company participated in a pitching competition for biometrics and digital identity startups at Identity Week in September.
Article Topics
decentralized ID | decentralized identifiers (DIDs) | digital ID | digital wallets | eIDAS | EU Digital Identity Wallet | Europe | funding | Hopae | reusable identity
