Blockchain-based record verification startup TransCrypts has raised $20 million CAD ($15 million USD) in seed funding to expand its encrypted data infrastructure for employment, education, and healthcare records.
The all-equity round was led by Pantera Capital, with participation from Lightspeed Faction, Alpha Edison, Motley Fool Ventures, California Innovation Fund, and Gusto co-founder Tomer London. Existing backers — including Mark Cuban, Techstars, Protocol Labs, and Alumni Ventures — also rejoined the round. The raise reportedly values TransCrypts at over $80 million CAD.
Scaling blockchain record management globally
Founded in 2020 by Zain Zaidi and Ali Zaheer at the University of Toronto Scarborough’s incubator The Hub, TransCrypts helps individuals and enterprises store and verify official records — such as employment credentials or medical data — using blockchain technology.
Its API-enabled platform encrypts and stores documents on-chain, allowing users to maintain complete ownership and control over their data. The system enables easy, secure sharing of verified records with third parties while preventing unauthorized access or tampering.
TransCrypts has already deployed its technology in Ukraine and Turkey, helping hospitals and refugees store and share medical data securely in disaster zones. The company’s HIPAA-certified medical record solution is now live in nine countries.
“We view ourselves like the post office,” said CEO Zain Zaidi. “We simply take the sealed envelope from the issuer and hand it to the consumer — and then the consumer decides who to share it with. The company itself can’t even see the contents.”
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Growth and Canadian expansion
Headquartered in both San Francisco and Toronto, TransCrypts plans to double its 18-person team over the next year, with a strong focus on expanding its Toronto operations. Currently, 11 employees are based in Canada.
The company is already generating substantial revenue — growing from $70,000 per month in 2023 to over $500,000 last month — and now serves 4 million users across 450 enterprise customers, including firms in the Fortune 100 and Fortune 500.
The new funding will accelerate product development and expansion into the educational and healthcare sectors across North America in 2026.
“This raise allows us to expand the scope of what’s possible with secure, verifiable digital records,” Zaidi said. “We’re building the foundation for a world where people can fully control their personal data.”
About TransCrypts
TransCrypts provides a blockchain-based platform for storing, verifying, and sharing personal records securely. Using end-to-end encryption and distributed verification, the company helps individuals and enterprises protect sensitive information — from employment credentials to health and education records — while maintaining full data ownership.
