ICONLOOP raises KRW 10 billion (over USD 8 million) in Series A funding for the full-fledged market penetration of its DID service
The very first VC investment since the foundation, leading to a strong ground for its DID service, ‘my-ID’
Hello from ICONLOOP,
ICONLOOP has announced that it raised KRW 10 billion (over USD 8 million) in Series A funding. This is the very first VC investment since its formation in 2016.
Seven investment companies including Korea Technology Finance Corporation (KOTEC) and T.S. Investment participated in this round. Having achieved the Series A funding, ICONLOOP will focus on the launch of its DID service ‘my-ID’ and expansion of ‘my-ID Alliance’. ‘my-ID’ is planned to be launched as a commercialized service in the first half of next year.
In total, 27 organizations and corporations from various fields including not only banks but also security firms, e-commerce companies, and manufacturing companies have made the decision to join the alliance. Starting with the financial sector, ICONLOOP will expand the my-ID Alliance to other industries such as fintech, e-commerce, sharing economy, and healthcare to create a pioneering example of digital identification utilizing blockchain.
An official from the Venture Investment Center at Korea Technology Finance Corporation (the lead investor in the round) said, “The blockchain technology is evolving into practical applications such as decentralized ID services in line with the global trend giving users back the personal data sovereignty.” The official was also quoted as saying, “We believe ICONLOOP acquired technological advantages and know-hows from many major projects with various financial and public organizations and it will lead the growth of the blockchain industry in Korea after it dominates the market with its my-ID service.”
Jungsu Kim, a board member of the investment team at T.S. Investment, was quoted as saying, “The market has been paying greater attention to DID services and I have a high expectation on ICONLOOP as it already has the three pillars of success — clear business model, partners participating in service expansion, and proven technologies.”
Jonghyup Kim, CEO of ICONLOOP, stated, “I believe this investment shows that ICONLOOP’s blockchain technology and its marketability have been proven and the company would take the responsibility to boost the vitality of the overall market as a leading blockchain company in Korea.” He added, “ICONLOOP will continue relentless efforts to provide blockchain technologies and platform that can be implemented into the entire industry and help the general public embrace blockchain technologies, contributing to building a more convenient and trustworthy society.”
ICONLOOP developed and opened sourced ‘loopchain’, the first blockchain core engine in Korea. ICONLOOP also launched CHAIN ID, the world’s first blockchain joint certification service with 26 domestic securities companies, Kyobo Life’s Smart Insurance Claim Service, and Seoul Standard Blockchain Platform.
This year, ICONLOOP proved its unrivaled technology in the DID sector by successfully launching ‘DPASS’, a blockchain-based self-sovereign identity authentication service. In addition, ICONLOOP is building real-life application cases of blockchain by establishing a regulatory foundation for actual DID service in Korea as ‘my-ID’, a blockchain-based mobile ID service powered by ICONLOOP’s own DID technology, was designated as an Innovative Financial Service in June.