TACEO has completed a seed funding round, raising $5.5 million, with plans to use the funds to expand its product.
What is TACEO?
Founded in 2022 by a team from Graz University of Technology, TACEO is known for its software that enables parties to collaborate on sensitive data without exposing the underlying information. In 2023, the company partnered with World to develop iris-matching identification software.
Funding Goals
According to a press release, the raised capital will be used to form a team and scale technology, aiming to expand TACEO's application beyond crypto and decentralized finance. The plan includes exploring fields such as identity verification and financial services.
Discussion of Technology
The company is developing a model called 'Private Shared State', powered by a cryptographic tool known as coSNARKs, which provides data protection during computation and outcome proving via Zero-Knowledge Proofs. Despite criticisms and concerns regarding privacy, TACEO claims to fully encrypt the biometric data of over 14 million users.
TACEO continues to advance its technologies amidst a challenging environment surrounding iris identification, focusing on ensuring data security.
