INSUBCONTINENT EXCLUSIVE:
Today, identity is often exchanged through the use of government ID cards and official paperwork, but what happens when someone loses that
paperwork or it is destroyed Or, as is often the case in many countries around the world, a citizen never received the paperwork to begin
withElement wants to completely change the way banks, hospitals, and other service providers work with their customers by providing a
platform for decentralized biometric identity
surprising that Element, which was formed in 2012, was co-founded by Adam Perold, a Stanford-educated product designer, and Yann LeCun, a
famed machine learning researcher
LeCun was the progenitor of convolution neural nets, which today form one of the foundational theories for deep learning AI
He is now chief science advisor for the company, having taken a role as Director of AI Research at Facebook in New York while continuing his
professorship at NYU.Element is announcing a $12 million Series A round, led by PTB Ventures and GDP Ventures, with David Fields of PTB and
Earlier investors of the company included Pandu Sjahrir, Scott Belsky, Box Group, and Recruit Strategic Partners.While technologies like
The early years of the company were devoted to solving critical technical challenges
Wireless connectivity can be limited in many developing countries, which meant that identities had to be local to the device in order to be
device.Furthermore, given the quality of hardware available, data had to be extremely compressed to be useful, and the machine learning
character recognition, came in handy
The Element team managed to reduce the amount of data required to store the identity of a single person down to about two kilobytes,
according to the company.The next challenge the company faced in building out its platform was security
Identity data, particularly biometrics, is a major security challenge, but it was exacerbated by the fact that devices would often be shared
A single device at a bank, for instance, might service thousands of users, all of which need independent, secured data
an SDK behind the mobile apps of its partners
It provides not only the identity layer itself, but also a secure data infrastructure that allows records such as bank accounts and medical
files to be connected to the underlying identity.Element is targeting the developing world, and Perold tole me he spends more than half of
connections between people and their identity in that fast-growing economy.Another partnership formed by the company is with the Global Good
Fund, a joint venture between Bill Gates and Intellectual Ventures
That project works to create better biometric identities for newborns and infants, which is critical for health outcomes
The company is working with icddr,b and the Angkor Hospital for Children in Cambodia to build out the program.In addition to the lead
investors, the company received strategic venture capital investments from Bank BCA (via Central Capital Ventura), Bank BRI, Telkom
Indonesia (via MDI Ventures), and Maloekoe Ventures.Correction: The Global Good Fund is a joint venture with Bill Gates, not the
