Blockchain startup ICONLOOP raises over $8M in Series A to expand its decentralized ID solutions

South Korean blockchain startup ICONLOOP has raised 10 billion won (~over $8 million) in a Series A funding round.

The investment was led by venture firm Korea Technology Finance Corporation, with participation from T.S. Investment and several other firms, according to an announcement Thursday. ICONLOOP said it is the firm’s “very first” venture capital investment since its inception in 2016.

With the new capital in place, ICONLOOP said it is looking to launch a new decentralized identity (DID) service called “my-ID” in the first half of 2020. My-ID is a blockchain-based digital ID authentication service, which allows users to verify an ID via a mobile phone and therefore to more easily access services that require identification, such as financial products.

ICONLOOP is also looking to expand its “my-ID Alliance” to industries such as fintech, e-commerce and healthcare. Currently, 27 companies from fields such as banking and manufacturing have already decided to join the alliance, per the announcement.

The startup also offers other ID authentication solutions - CHAIN ​​ID and Decentralized Passport (DPASS), among other services.