Spherity, a Berlin start-up that develops decentralized identity management solutions for industrial IoT applications, today announced it has received seed financing from High-Tech Gründerfonds (HTGF).
The Spherity team will use the investment to accelerate the development of its core platform to provide interoperable and blockchain-agnostic identity service offerings. Additionally, the team will focus on extending existing strategic relationships with its customers and on contributing to official refinement processes of the “Decentralized Identifier” and “Verifiable Credential” W3C standards.
“In a thought through digitalization in which we want to raise the potential of blockchain technologies, it is not enough to network every “milk can” with 5G. In the Internet of Things (IoT) things must be clearly identifiable. Only in this way can trust be created, which is the basis of any contractual relationship. At the same time no isolated solutions may be created. This is where Spherity comes in, who has developed an application- and industry-spanning, scalable and secure software solution.”
– Christian Ziach, Investment Manager at High-Tech Günderfonds (HTGF)
When companies, machines, smart devices, and algorithms interact in the digital world, they must be certain exchanging data with the correct interaction partner. Since most of today’s systems remain siloed and optimized for internal processes, this trust can only be achieved through a high level of bilateral integration.
To solve this problem, Spherity secures digital business processes by assigning unique digital identities to companies, machines, intelligent devices, and algorithms. The so-called digital twins of these entities sign all transactions and their connected data in the digital world cryptographically. This guarantees crystal-clear authenticity and tamper-proof data exchange in complex business processes and value chains.
Spherity was founded by Dr. Carsten Stöcker und Dr. Michael Rüther in November 2017 and employs currently 11 people. Spherity is building decentralized identity management solutions to power the 4th industrial revolution, bringing secure identities (digital twins) to machines, algorithms, and other non-human entities.
The client focus is primarily on technical industries like mobility, supply chain, and pharmaceuticals; in particular, Spherity is supporting the introduction of identity solutions in the Industrial Internet of Things (IIoT) market, which is expected to have a value of over €400 billion by 2030 and 75 billion connected devices by 2025.