Outlier Ventures backs Evernym to bring the world true self-sovereign identity
Outlier Ventures takes on the role of Evernym’s lead investor and strategic partner
London (3 October 2017) — Leading blockchain and Web 3.0 venture capital firm Outlier Ventures becomes an investor in, and strategic partner of, Evernym the foremost developer of self sovereign identity technologies and inventor of Sovrin, the global public utility for decentralised exchange of verifiable claims. Sovrin’s utility token distribution event is slated for mid-2018.
Using the unique properties of Sovrin, Evernym builds applications that finally enable people, businesses and connected devices to securely control their own identity data, choosing when, with whom and how much they wish to reveal in any given exchange. This technology forms the basis of applications Evernym is building for a number of partners including the US Department of Homeland Security, the UK’s healthcare system and a number of leading global financial institutions.
“Evernym is an organization unlike any other in the distributed identity space,” said Outlier Ventures CEO Jamie Burke. “At their stage, to have earned the cooperation and patronage of such organizations as Hyperledger, the Illinois Blockchain Initiative and the entire U.S. credit union industry, speaks directly to the potential Evernym possesses. We just knew we had to be a part of this story.”
Burke continued, “Self-sovereign identity for people, organizations and connected devices is the one problem everyone wants to see solved. The deeper you look at Evernym’s breathtaking technological innovation, it feels the solution is at hand. Each of our portfolio companies, present and future, needs this technology, as demonstrated by Evernym’s recent announcement of a partnership with IOTA. Despite a lot of noise in the identity space these are the only innovators who have achieved any serious level of adoption.’’
Evernym offers SaaS services and applications built atop the Sovrin Network, which is thought to be the world’s only distributed ledger purpose-built for self sovereign identity and the exchange of verifiable claims. The Sovrin Foundation is guided by a constitutional “Trust Framework,” conceived with the Sovrin network’s enduring independence as its primary objective.
“We’ve accomplished a lot in our relatively short existence, but among the highlights I count our new relationship with a firm as well-regarded as Outlier Ventures,” said Evernym Co-founder and CEO Timothy Ruff. “Together, we will break ground destined to prove fundamentally transformative to the internet in general, and digital trust in particular.”
About Outlier Ventures
Outlier Ventures was set up in 2013 as Europe’s first blockchain venture capital firm now with 20 partners, including many senior ex-bankers and experienced angels, it has go on to lead the industry both in thought and practice.
They have focused their thesis on the convergence of blockchain and distributed ledger technology with ‘deep tech’ including AI, IoT, 3D Printing, VR & AR as well as Autonomous Robotics primarily within Industry 4.0, Smart Cities and Mobility.
Having already backed IOTA, a top 10 cryptocurrency focused on securing machine-to-machine payments for Industrial IoT, in early 2017 they plan to roll out a series of ambitious token sales with their corporate partner network.
Founded in 2013, Evernym develops software solutions that leverage distributed ledger technology to provide every individual, organization and connected device with secure and irrevocable identity. Learn more about Evernym and its self-sovereign identity solutions at evernym.com.
About the Sovrin Foundation
The international, non-profit Sovrin Foundation is guided by a constitutional Trust Framework that ensures its independence from government or industry influence and codifies its dedication to providing self-sovereign digital identity for all. The Sovrin network is operated by independent stewards and uses the power of a hybrid distributed ledger as a fast, private and secure framework for providing every person, organization, and connected device a permanent identity with which to transact online and operate securely in everyday life.
Sovrin uses the open source Hyperledger Indy codebase sponsored by the Linux Foundation. This global, interoperable platform lets individuals and organizations take control over their digital identities and gives enterprises new solutions to complex challenges like KYC, authentication, access, privacy and more.
Learn more about the Trust Framework underlying the Sovrin network here.
Nick Ward on behalf of Outlier Ventures
+44 (0) 203 865 8135 / +44 (0) 7821 474 272
Judd Bagley, Sr. Director of Communications at Evernym