# Verida Network

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/verida-network

- Industry: Software
- Headquarters: Sydney, Australia
- Website: www.verida.network
- Total disclosed funding: $5M
- Latest round: Seed (Jun 21, 2024)
- Investors on record: 7

## About

Founded in 2021 by Chris Were (CEO) and Ryan Kris (COO), and based in Sydney, Australia, Verida Network operates as a developer of software that provides decentralized identification, a multi-chain protocol for messaging, and database storage for cross-platform integrations. In June 2024, Verida Network raised USD 5 million in seed funding from investors O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, Inc., HashCIB, Bison Capital, and Amesten Capital, with participation from individual investors.

Verida provides decentralized infrastructure for private user databases, combining traditional database performance with user-controlled keys for complex decentralized applications (DApps). The Verida Storage Credit Token (VDA) facilitates secure data storage and economic incentivization. The Verida Wallet is a self-custody mobile application integrating data, zero-knowledge proofs, and cryptocurrency. The platform supports building self-sovereign applications with secure, encrypted database storage. Verida enables users to run storage nodes, earn VDA tokens, and participate in the data economy. Their decentralized network supports private data storage, user identity solutions, encrypted messaging, and extensible developer tools for creating DApps.

The company intends to use the June 2024 funding to support the development of its framework.

## Funding rounds

- Seed, Jun 21, 2024, $5M — Gate Labs, Inc., Bison Capital, Amesten Capital, HashCIB, O-DE Capital Partners, ChaiTech Ventures, Simurg Labs

## Investors

- Gate Labs, Inc. — Seed
- Bison Capital — Seed
- Amesten Capital (https://capitalatlas.ai/funds/amesten-capital) — Seed
- HashCIB (https://capitalatlas.ai/funds/hashcib) — Seed
- O-DE Capital Partners — Seed
- ChaiTech Ventures — Seed
- Simurg Labs — Seed