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i2Chain secures identity information for ent. compliance

USA, California
Market: Medicine, Financial services, Blockchain
Stage of the project: Prototype or product is ready

Date of last change: 09/26/2019
Min investment
$  100.000
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Total required
$ 1.800.000
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Idea

The growing compliance, and new regulations mandate enterprises to be accountable for identity information or pay upto 4% of revenue as penalty.

i2Chain's platform secures identity information across domain(s), enterprise(s) & cloud(s). i2Chain provides a fundamentally disruptive platform leveraging blockchain technology to effectively protect content through its creation, use, expiration, and destruction life cycle while remaining essentially transparent to the user.

In doing so, i2Chain is the only platform that can harvest real time forensics of information transacted.

Current Status

- Agreement with Forbes 100 digital company to drive $4.5M ARR in 3 years
- Pilot with leading Mortgage Bank that has 400+ partners ongoing
- Pilot with a leading healthcare group with 23M subscribers being scheduled
- Pilot with Big4 audit firm in advanced conversation
- Additional pilots in pipeline with financial capital markets, treasure and asset management companies.

Market

TAM (in USA): 23.6B growing at 41%CAGR last 5 years

Financial SOM (USA market only):
- Who: Mortgage bankers, Investment bankers, treasury's, capital markets
- Around 2.2M prospective users of i2Chain in top 50 USA enterprises
- Estimated SOM: $2B

Healthcare SOM (USA market only):
- Who: Payers and providers
- Around 2M prospective users of i2Chain in top 25 enterprises
- Estimated SOM: $2B

Problem or Opportunity

GDPR and privacy laws ask that enterprises MUST be accountable for PII (personally identifiable information) or pay up to 4% of top-line/ revenue as penalty.

99% of the enterprises unable to securely share and transact PII internally or externally.

Solution (product or service)

i2Chain's platform secures information across domain(s), enterprise(s) & cloud(s).

i2Chain provides a fundamentally disruptive platform leveraging blockchain technology to effectively protect content through its creation, use, expiration, and destruction life cycle while remaining essentially transparent to the user.

i2Chain is the only platform that can harvest real time forensics of information transacted.

Competitors

Traditional providers, for example Microsoft, Oracle, Computer Associates, Cisco, Splunk, Symantec, Verisign, VMware and others.
Newer platforms, e.g. Civic, LifeID, Blockstack, IOTA, Vera Security, Ionic, and others.

Advantages or differentiators

1) 1-Click Platform that secures information across any device, any time, any where

2) Securely share & transact information across enterprise(s), cloud(s), domain(s)

3) Proprietary digital contracts allow ease of information classification - read only, Collaborate, Approve, eSign.

4) Track information - harvestable real time immutable evidence quality forensics.

5) Storage agnostic. Choice of source or destination with user - Pen drive, Hard-disk, GDrive, one drive etc.

Finance

2019:
- Users: 40K
- Revenue: $500K
- Expenditure: $750K
- P&L: ($250K)

2020:
- Users: 94K
- Revenue: $3M
- Expenditure: $8.1M
- P&L: ($5.1M)

2020:
- Users: 183K
- Revenue: $7.75M
- Expenditure: $7.03M
- P&L: $720K

Business model

- Freemium Per month per user subscription fee
- Pro license: $15/month/ user
- Enterprise License: $25/ month/ per user

- Optional (Planned early 2020)
a) Concierge : Annual charge or per file charge secured by i2Chain vault or Charge per transaction
b) Enterprise or site license: 10K users per site or per enterprise.

Royalty (Planned 2020 Mid)
- Service provider royalty
- Node on the Chain royalty

Money will be spent on

40 % of the money designated for Go to Market, Business development and product management
60% of the money designated for pilots and to progress engineering

Offer for investor

Seeking seed fund of
- $1.8M to deliver $1M ARR in 9 months

Team or Management

Risks

a) Require engineering talent in Cybersecurity, heuristics and distributed ledger technologies.

b) Deployment at the core of enterprise operations like Origination operations.

c) investments to future proof and advance cryptography, make rights management adaptive and build enterprise grade consensus mechanisms.


Incubation/Acceleration programs accomplishment

Incubated and vested interest of University of California Santa Cruz (UCSC).

Selected by corporates (under cybersecurity cohort) of Plug N Play Accelerator

IIT Startups incubator program

Won the competition and other awards

a)
Top 20 Blockchain based solution providers, CIOReview, 2018

b)
Nominated for Top 20 Cybersecurity based solution providers, CIOReview, 2019

Invention/Patent

a) Maintain and preserve security of, and enforced rights for the last mile
b) Decentralized key orchestration mechanism as information cascades
c) Durable chains

Photos

Photo 1 - i2Chain secures identity information for ent. compliance
Photo 2 - i2Chain secures identity information for ent. compliance

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address