Trustology, a company that provides solutions for securing digital assets, has raised $8 million in a seed round led by Two Sigma Ventures, the early-stage venture capital fund of Two Sigma.
Trustology was incubated by ConsenSys, a blockchain company founded by Ethereum co-founder Joseph Lubin. ConsenSys also participated in the funding round.
Both investors will be joining Trustology’s board of directors.
Trustology will use the investment to develop new capabilities in its current offering like smart accounts with programmable controls, support additional asset classes and expand its operations internationally.
Its first product, TrustVault, combines private key protection against cyber and physical threats with low latency execution.
It says it does this by safekeeping private keys and control code inside programmable hardware security modules hosted in data centres, with encrypted backups in the cloud.
Trustology founder Alex Batlin formerly led blockchain innovation work at UBS and BNY Mellon and was a founding member of the Enterprise Ethereum Alliance, Trusted IoT Alliance, Utility Settlement Coin and R3 consortium.
Other founders include former executives from ADIA, Bank of America Merrill Lynch, Barclays, BNY Mellon, Curve, Deutsche Bank, Goldman Sachs, RBS, Starling Bank, and UBS.
Trustology is currently onboarding selected beta clients.