Blockchain company Zamna has secured $5 million up in a seed financing round led by VC companies LocalGlobe and Oxford Capital for the ongoing development of its airport security framework.
Previously known as VChain Technology, Zamna’s funding round was joined by International Airlines Group (IAG), the parent company of British Airways. IAG is a current investor and now a commercial client of the company, as revealed by TechCrunch on October 28. Seedcamp, Telefonica, the London Co-Investment Fund (LCIF), and undisclosed angel investors also joined.
Established in 2016, Zamna offers a blockchain bridge to siloed biometric and security data between carriers, governments, and security companies. The tech doesn’t need extra infrastructure improvements through Zamna’s blockchain, the company claims.
“There is a preconception that when you arrive at the airport somehow – as if by magic – the airline knows who you are, the security agencies know who you are, and the governments of departure and destination both know [who you are],” Irra Ariella Khi, co-founder and CEO of Zamna, said. “The reality is far from this. There is no easy and secure way for airlines and government agencies to share or cross-reference your data.”
Writing in a company blog entry, LocalGlobal partner Remus Brett clarified that Zamna’s protocol could be executed on other transportation networks also, a factor that prompted the firm putting resources into the company.
“There is no reason the technology cannot be extended to the rail and maritime industry or in fact any points of border control, or anywhere requiring individuals to assert their identity credentials.”