Evernym Raises $ 2M From Overstock Subsidiary Medici Ventures
Evernym, a blockchain-based identity company, has raised a $2 million investment from Medici Ventures, an Overstock subsidiary, as per a press release from the company.
Medici Ventures had participated in the Simple Agreement for Future Equity (SAFE) by Evernym, which is to be transferred into preferred stock at an undisclosed date. The round had closed earlier in September, with Evernym raising funds from Medici Ventures in order to realise its product.
Medici Ventures is a fully owned subsidiary of Overstock.com. It invests and raises funds for blockchain technology and the firms involved with the technology. Evernym joins FinClusive and Netki as other identity-focused portfolio companies for Medici Ventures.
Discussing about SAFE, Jonathan Johnson, the newly appointed Overstock President and CEO of Medici Ventures, stated that Evernym is promising digital identities to the world through the use of blockchain technology.
“Evernym is bridging the gap between the siloed approach to identity and true self-sovereign identity,” said Johnson. “Evernym’s platform allows every person, organization, and connected thing to have an independent identity … and will help advance our government-as-a-service technology stack for civilization.”
Steve Havas, the president of Evernym, said that the firm has been used by more than 40 pilot projects or proof of concept (PoC) as of now, and continues to actualize the data self-sovereignty. He added:
“Right from the start we’ve made it a rule not to cut corners in terms of ensuring a privacy by design, privacy by default position for our products – ultimately we’re designing applications that we as individuals would be happy to use.”
Johnson was appointed by the interim CEO of Overstock.com in August, and then as a full-time CEO a month later. This followed after Patrick Byrne, the former CEO, resigned from the post, admitting to an affair with Maria Butina, a Russian spy.
Johnson pledged that he was completely ready to operate both Overstock and its subsidiary, Medici Ventures.