Quick take:
- Ex-Wave CEO Kirk Simpson has raised $5 million for his new Web3 startup Qui Indentity Inc.
- The fundraising was led by Round 13 Digital Asset Fund, with participation from OMERS and Wittington Ventures, among others.
- Simpson and his team are creating Qui to help people store and control their own identities through decentralisation.
Kirk Simpson has announced the launch of his new startup Qui Identity Inc. The former CEO of Wave Financial also received $5 million backing in a round led by Round 13 Digital Asset Fund and with participation from OMERS (Ontario Municipal Employees Retirement System), Weston Family-owned and Wittington Ventures, among others.
Qui Identity is a development stage Web3 project created to solve the global problem of identity protection. The company is leveraging decentralised technology to help people store and control their identities online.
Web3 is generally described as the next generation of web technology that leverages artificial intelligence, blockchain technology and decentralised applications to power communications online.
Simpson has teamed up with four other people to develop a program that will help secure identities on web3.
Mr Damien Steele, head of venture capital at OMERS commented: “I have a lot of respect for these two people,” he said. “This is a very early investment for OMERS Ventures, but we were happy to make an exception for these two.”
Jim Orlando managing partner at Whittington Ventures, which also backed Qui’s $5 million raise said it was a simple decision for his firm. “It all comes down to this is a really interesting problem, and these are the people who will help find a way to solve this problem,” he said.
Simpson and Mr Peter Karresiahave set out to change the way people verify their identities online by leveraging decentralised technology. Commenting on Qui’s mission, Simpson said: The basic concept is that you have to own your own digital identity, which is very burdensome for users today as information is distributed over the Internet,” The GlobeandMail reported.
Qui is venturing into a space that currently has few operators. While many web3 companies are pursuing opportunities in blockchain gaming, NFTs and the metaverse, very few have thought about identity protection.
Unstoppable Domains, which offers identity protection through non-fungible token (NFT) technology, is leading the race. The company recently reached unicorn status in a $65 million funding round led by Pantera Capital.
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