September 3, 2020 – Boston, MA – Borderless Capital, a venture capital fund that invests in category-leading businesses leveraging Algorand technology has announced its investment in Attestiv Inc. This funding represents a commitment to blockchain technology to provide security within digital transformation initiatives across insurance and a variety of industries with Attestiv’s digital media validation platform.
Attestiv helps industries such as insurance accelerate digital transformation, without the increasing threat of fraud from deepfakes and media alterations. Using the Algorand blockchain as a system of record for fingerprinting media at the point of capture or after AI-based forensic analysis, Attestiv serves as a foundational platform for any organization reliant on digital photos, videos and documents. Furthermore, Attestiv fills a growing need for self-service and remote operations.
Paul Gagliotti, CEO of Harbor.ai, an insurance exchange provider that uses Attestiv’s platform to enable self-service inspection processes, stated, “Tamper-proof self service inspections have streamlined the underwriting process for commercial insurance lines, providing a richer information set to make decisions”.
Blockchain is a transformative technology that is able to disrupt many traditional processes in insurance with its combination of trust and automation. Not only does it provide the ability to automate manual tasks for straight-through processing, but it also can take a bite out of the annual $40B P&C fraud experienced in the US alone. In particular, Attestiv is leveraging the Algorand blockchain because it was designed from the ground up to power complex applications that require speed, scale, finality and security, while being cost-effective and precise.
“The Algorand blockchain is ideally suited for the demanding scale requirements of our customers, giving us the opportunity to take our business to the next level.” said Nicos Vekiarides, CEO of Attestiv. “We are excited that Borderless Capital has made an investment in Attestiv”.
“We are excited to join Attestiv on their journey to combat fraud by providing a platform to verify the authenticity of digital media and data. The media and content authenticity market sector has a lot of room for improvement and innovation, and the Algorand’s immune-to-fork blockchain provides the ideal core technology for the tamperproof solution offered by Attestiv’s platform”, said David Garcia, Managing Partner at Borderless Capital.
Attestiv is a tamper-proof media validation platform and product provider in the insurance, IoT, public safety, financial services, and news media spaces. Established in 2018, Attestiv verifies the authenticity of digital media and data, helping organizations build efficient processes, improve customer experience, and provide the highest standard for information exchange. Utilizing artificial intelligence and blockchain technology, Attestiv assures the authenticity of digital media captured by any person or device, helping organizations of all types build trust and transform their business with new services, cost savings, and fraud prevention. For more information, please visit https://attestiv.com.
About Borderless Capital
Borderless Capital is a modern financial institution investing capital and building financial products that accelerate access, bootstrap adoption, and create value globally through the Algorand borderless economy. We do not stop with just investment. We also provide guidance and mentorship to grow our portfolio companies into successful businesses. As a thought leader in blockchain with deep expertise in the Algorand ecosystem, we advise our portfolio companies on go-to-market strategies to effectively build the network effect. In short, we leverage the synergy of our portfolio, partners network, and domain expertise to create value for everyone. For more information, please visit us at https://borderlesscapital.io.