The Turing Space team
Turing Space, a Taiwan-based trust-tech company, has raised over US$3 million in a strategic funding round led by Profederal, a corporate counselling platform.
The company plans to use the capital to accelerate research and development of its digital identity infrastructure and expand its operations in Taiwan, Europe, and Japan, where it aims to develop more cross-border verification solutions.
A portion of the funds will also be used to hire new talent and enhance user experience in Taiwan.
Also Read: Verifiable digital identity startup Accredify raises strategic funding from Okta Ventures
The company is also looking to strengthen its partnerships in Europe by collaborating with major enterprises in Switzerland, Germany, and the Netherlands on initiatives like the Digital Product Passport (DPP) and other digital identity solutions.
The investment comes as the global identity verification market is experiencing significant growth, with projections to reach over US$82.73 billion by 2036. This growth is driven by a compound annual growth rate (CAGR) of over 16.5 per cent.
Founded in 2020, Turing Space aims to simplify and streamline certifications across various industries. It leverages blockchain technology to build a secure and borderless digital trust network, contributing to global digital transformation.
Jeff Hu, Founder and CEO of Turing Space, said that the startup has already completed two national-level projects in Taiwan: Turing Facts and the Turing Green renewable energy certificate declaration platform. Building on this success, it is now moving beyond certificate issuance and verification to lay the groundwork for a comprehensive digital identity infrastructure.
Hu also highlighted Turing Space’s partnership with Dai Nippon Printing (DNP) in establishing the Asia Pacific Digital Identity Consortium (APDI). This partnership positions it as a technology integrator in the international market, facilitating the development of cross-border digital identity applications that bridge trust between Taiwan and the world.
Also Read: Empowering fintech and e-commerce through digital identity verification
Ted Wen, Chairman of Profederal, highlighted Turing Space’s focus on knowledge-driven services and its ambitious global expansion plans. Beyond funding, Profederal will provide additional resources to help Turing Space capitalise on the opportunities in the digital era.
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