New Jersey startup Accreditrust (Warren) has entered into an agreement for what it called a “multimillion-dollar investment to fuel expansion” from Verisys (Alexandria, Va.) a regulatory compliance solution-provider for the healthcare industry.”
The exact terms of the deal were not announced.
Accreditrust CEO Eric Korb is a high-profile participant in the New Jersey tech scene. Accreditrust’s product is TrueCred, an enterprise-grade framework for verifying digital credentials linked to a web identity. TrueCred APIs connect corporations, institutions, organizations, and governments who issue, exchange and verify millions of credentials every year.
Korb told NJTechWeekly.com that he and his cofounder reached out to Verisys through a “mutual contact who suggested they could be a perfect consumer of our services. After at our first meeting, they felt opportunity for services was so strategic, we began discussing how they could invest. ” The investment will be used to help fuel the company’s expansion, Korb said.
Added Korb, “This investment from Verisys confirms the marketplace need for independently validating a credential’s primary source data. Currently credential validation relies upon third parties and is not machine verifiable, which creates significant and pervasive risk as well as unnecessary costs,” he said.
“The transactional environments we depend upon daily desperately need a trusted handshake backed by verified credentials. The Accreditrust TrueCred platform will protect businesses, institutions and consumers from the myriad of cyber predators, which is costing billions of dollars,” said Verisys COO, John Benson. “We are looking forward to using the platform to expand our offerings in the healthcare industry,” added Benson.
Accreditrust is also currently collaborating with W3C.org members including Educational Testing Services (ETS), the world’s largest private educational assessment organization, to develop next generation digital credentials.