TransCrypts, a Canadian blockchain sovereign identity (SSI) startup focusing on digital identity and credential verification, has raised $15 million in seed funding.
The round was led by Pantera Capital, with participation from Lightspeed Faction, Mark Cuban, and notable investors including Alpha Edison, Motley Fool Ventures, and Techstars.
The investment will further TransCrypts’ goal of shaping the future of autonomous digital identity, which will give people “full control” over health, employment and education records, according to the San Francisco-based company.
“Our goal is simple: give people 100 percent control of their identity,” says Zain Zaidi, CEO and co-founder of TransCrypts, who was named among the Globe and Mail’s 2025 Changemakers of the Year.
Since its founding two years ago, TransCrypts has grown 15-fold and now serves more than 450 enterprise customers and four million users worldwide. Its Fortune 100 customer base has doubled by 2025, with employers, landlords, and background check agencies adopting the platform.
“Online trust is under attack by AI fraud and deepfakes,” says Mark Cuban. “TransCrypts puts control back in people’s hands, making verification faster, smarter and more secure.”
TransCrypts allows users to own and share verified credentials without relying on centralized intermediaries. It is built on blockchain infrastructure and the model is gaining traction amid growing concerns about digital fraud and AI-powered manipulation. The platform’s recent HIPAA certification paves the way for secure handling of health data.
With the new funding, TransCrypts plans to significantly expand its team, focusing on its new joint headquarters in downtown Toronto along with its base in San Francisco. The company aims to further develop its credential ecosystem and meet the growing demand for trusted, user-controlled identity solutions in an increasingly digitalized world.
Article topics
block chain | digital identity | financing | self-sovereign identity | TransCrypts