MarketWatch
The Silicon Valley Business Journal Recently Featured Zain Zaidi, Founder and CEO of “TransCrypts” As A “Bay Area Inno Under 25 2021”
Transcrypts
Redesigning digital documentation through the blockchain
Newark, CA
Software & Services
TransCrypts streamlines the verification process for employers while giving employees complete control over their own sensitive data and identity information, including how and where they want to share their information. Our B2B platform is slated to exit beta testing come December of 2021, while our B2C product is currently in development and slated for a full-release Q1 of next year.
$332,910
raised
$101,694
previously crowdfunded
206
Investors
$10M
Valuation
$1.23
Price per Share
$249.69
Min. Investment
Common
Shares Offered
Equity
Offering Type
$967K
Offering Max
0
Days Left
This offering ended on January 15, 2022 and is no longer accepting investments.
Reasons to Invest
Established In Market - Zoom, Urban Outfitters, Spirit Airlines, and 45 other companies are in beta testing with us and we have signed non-binding LOIs valued at over $535K dollars in annual recurring revenue
Proven Team & Partners - We are led by a team with prior experience in the blockchain space, and we currently hold a partnership with ADP, the largest HR software provider in the world
Protected IP - We have our own patented blockchain technology with licensing potential, and our patents are currently being extended internationally to include all major countries
Overview
Finally, an alternative to the dreaded background check
It’s time to revolutionize how digital documents are verified, starting with the background check. Verifying information is expensive, time-consuming, and prone to human error. TransCrypts is a patent-pending blockchain solution platform that gives employees ownership over their own verified information while automating the process for employers–– saving them from unnecessary friction.
TransCrypts possesses first-mover advantage in the digital document blockchain space. We’re targeting companies with 40+ employees, which offers abundant potential for short-term and long-term market growth. 45 companies have already joined our platform in beta testing and over 10,000 people have joined the waitlist for our soon-to-be-released B2C IPFS based document storage product.
Our B2B product is currently in the open beta phase. We are utilizing this time to allow companies to get comfortable with the platform and obtain feedback. In November, we plan to exit the open beta phase and start charging customers. Our B2C product is currently in development and will be released as an add-on early next year.
THE PROBLEM
HR is losing $4.5 billion annually just to verify employee information
We estimate that every year, HR departments spend 150 million hours verifying new employee information. That translates to $4.5 billion in excess labor costs to employers.
The above statistics are estimates made by the company based on public statistics and internal research.
Where does all the time and money go?
The short answer is phone calls and emails. A lot of them.
HR departments are constantly providing information about their current or past employees to background check companies, lenders, and government organizations who request it.
To save time and potential liability, some companies choose to outsource this responsibility to third-party companies, like Equifax and HireRight. This shortcut quickly poses two additional organizational threats: expensive labor costs and data privacy and security issues. Despite these inefficiencies, there has been little to no innovation in the market in the past decade.
THE SOLUTION
Fully automated, secure issuance of verification forms
TransCrypts' patent-pending process fully automates the employment and income verification process, saving an immense amount of time and, as a result, greatly reduces costs for HR departments and teams. They won’t need to manually respond to verification requests, eliminating any compliance-related headaches. We are a solution on the market that makes a huge difference in the lives of HR professionals and organizations alike. We believe organizations will benefit from instantaneous verification, freeing up their time to handle other important business matters. Likewise, individuals will reap the benefits of this program as it will allow them to have more control over their own information.
TransCrypts only takes 15 minutes to set up and the process contains four simple steps. On our intuitive platform, employers and employees can seamlessly complete verifications. Through our blockchain technology, all documents are verifiable, which gives users full control of their own data and choice on who they share it with.
There’s a fundamental difference between us and our competitors: we do not believe in owning anyone's data.
To avoid this, we decentralize the storage of user data via IPFS (Interplanetary File Sharing System). We store documents by breaking them up into thousands of very tiny “pieces,” and store these across thousands of computers. In doing this we ensure that, even in the case of a cybersecurity attack, those with unauthorized access will not be able to view the entire document--making it nearly impossible for hackers to gain access to sensitive information. Our legacy competitors Equifax and HireRight, were the target of two of the largest data breaches in U.S. history as a result of their centrally-stored data.
In addition, our competitors are slower and more expensive. Our users receive verification instantly, rather than having to wait several days. We offer three pricing tiers, based on the number of employees, and all three offer a more affordable price than our current competitors.
THE MARKET
A $2.7 billion total addressable market, with multi-industry potential
The global background check industry was valued at $100 billion in 2018. As of 2018 it was growing at 12% every year, representing an immense growth opportunity within this vertical.
TransCrypts is targeting companies with 40+ employees–– which is the typical employee count when a company’s HR starts devoting a substantial amount of time to verification issuance. Based on data from the U.S Bureau of Labor Statistics, 76 million employees are working in companies of that size. If you multiply that number by our lowest B2B subscription plan, the total addressable market (TAM) is $2.7 billion annually.
Our patented blockchain technology and model can be scaled beyond employment or financial verification to include document verification in the medical, financial, legal, governmental, and educational industries.
By 2024, the global blockchain-as-a-service market is expected to reach approximately USD $30.59 billion. That's a growth rate of 85.09% annually (CAGR) between 2018 and 2024. The technology that brings our product to life is extremely valuable and fast-growing. As a company looking to improve the verification issuance process, we believe we can take advantage of the growing need for precise and cost-effective verification services. We are well-positioned to capitalize on the growth and industry-wide interest in blockchain technology and to fulfill the growing demand for precise and cost-effective verification services within the HR vertical.
We have a sizable initial market to serve, and an impressive potential for multi-industry expansion. We're confident in our ability to corner the market across all verticals to unlock tremendous value for our shareholders.
OUR TRACTION
The 2021 Silicon Valley Business Plan Competition winner, with 40% month over month user growth
In just the open beta phase of our B2B product and the development process of our B2C product, we have gained significant ground.
- Developed a fully working Minimal Viable Product
- Patent and trademark filed in the U.S. and currently filing internationally
- Ranked as Top 5 Startup by Pioneer in Feb of 2021
- 1st place winner of the 2021 Silicon Valley Business Plan Competition
- Raised over $123 thousand on Wefunder in August 2021
- Beta testing with 45 companies (40% month over month user growth since the launch of open beta in January 2021), including Zoom, Urban Outfitters, and Spirit Airlines, with signed non-binding LOIs valued at over $535 thousand in annual recurring revenue
- More than 10,000 people currently on the waitlist for our B2C IPFS based document storage product
why invest
It's time for document verification and personal data revolutions
TransCrypts is in the business of empowerment for both employers and employees. We believe every single person in the world should be able to privately and securely store their verified documents and share those documents with third-party organizations whenever they see fit. We also want to create a platform where third-party organizations can verify the documents instantaneously.
In the near future, we envision TransCrypts as the ultimate solution for storing, sharing, and verifying personal information.
Take part in the disruptive potential our solution through blockchain offers. This is your chance to support a company that is redefining the space through the lens of privacy, security, and accessibility. Join us!
In the Press
Silicon Valley Business Journal
TransCrypts founder, Zain Zaidi, was featured as one of the top founders under the age of 25 in the Silicon Valley.
WRDE
WRDE, a NBC News local affiliate published our press release on Zain's inclusion as an under 25 founder
Offering Summary
Company | : | TransCrypt Solutions Inc. |
Corporate Address | : | 38184 Guava Drive, Newark, CA 94560 |
Offering Minimum | : | $9,999.90 |
Offering Maximum | : | $966,704.97 |
Minimum Investment Amount(per investor) | : | $249.69 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 8,130 |
Maximum Number of Shares Offered | : | 785,939 |
Price per Share | : | $1.23 |
Pre-Money Valuation | : | $10,024,500.00 |
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Time Based
Friends and Family Early Bird - Invest in the first 96 hours, and recieve 15% bonus shares
Super Early Bird - Invest in the next 96 hours, and recieve 10% bonus shares
Early Bird - Invest in the next 7 days, and recieve 5% bonus shares
Amount Based
Tier 1 perk - ($750) - Full year off of Our B2C File Storage Product
Tier 2 perk - ($1,000) - Full year off of Our B2C File Storage Product + 5% bonus shares
Tier 3 perk - ($2,500) - Full year off of Our B2C File Storage Product +5% bonus shares
Tier 4 perk - ($5,000) - Full year off of Our B2C File Storage Product + 10% bonus shares
Tier 5 perk - ($10,000) - Full year off of Our B2C File Storage Product +15% shares
Tier 6 perk - ($25,000) - Full year off of Our B2C File Storage Product + 25% Bonus Shares
*All perks occur when the offering is completed.
StartEngine OWNer's Bonus
Transcrypts will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $1.23 / share, you will receive 10 additional shares of Common Stock, meaning you'll own 110 shares for $123. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are cancelled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
Voting Proxy
Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
Irregular Use of Proceeds
Example - The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Vendor payments and salary made to one's self, a friend or relative; Any expense labeled "Administration Expenses" that is not strictly for administrative purposes; Any expense labeled "Travel and Entertainment"; Any expense that is for the purposes of inter-company debt or back payments.
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Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$1,154.00
USD
$0.00
USD
Cash And Cash Equivalents
$0.00
USD
$0.00
USD
Accounts Receivable
$0.00
USD
$0.00
USD
Short Term Debt
$1,398.00
USD
$0.00
USD
Long Term Debt
$0.00
USD
$0.00
USD
Revenues And Sales
$0.00
USD
$0.00
USD
Costs Of Goods Sold
$0.00
USD
$0.00
USD
Taxes Paid
$0.00
USD
$0.00
USD
Net Income
-$252.00
USD
$0.00
USD
Risks
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.
Updates
TransCrypts Selected As A Finalist in the UTE Startup Competition
3 months agoTune in to show your support at the U of T Entrepreneurship Startup Prize pitch competition on March 7th at 2 pm. We’ll be competing virtually for the chance to win our share of $60,000+ in prizes to recognize, reward and accelerate #UofT’s most innovative startups. Visit uoft.me/entweek to register. #UofTStartupPrize
Last Call To Invest in TransCrypts!
4 months agoWith our campaign closing in a few hours everyone here at team TransCrypts would like to thank all of our investors for their support. December was our fastest growing month to date and by all accounts January looks to overtake it. All this growth would not be possible without our investors.
Going forward stay tuned, we have many exciting updates for you and go ahead and follow us on Instagram,Twitter, and LinkedIn to stay up to date with the latest news.
Instagram:transcrypts_
Twitter:transcrypts_
LinkedIn: transcrypts
Facebook:transcrypts
Less Than 9 Hours Left To Invest
4 months agoThere are less than 9 hours to invest in our campaign. If you have any questions feel free to put them in the comment section our team will be answer them as soon as we get them. Thanks!
Less Than 14 Hours Left To Invest
4 months agoHi All! Our campaign is closing today and therefore this is the last day we will be able to accept new investments. We have a bunch of exciting news to announce in the coming weeks so don't miss out on your chance to invest in the Winner of the 2021 Silicon Valley Business Plan Competition & Benzinga Top Blockchain Investment.
1 Day Left To Invest In TransCrypts
4 months agoWith just 1 day left to invest in our equity crowdfunding campaign we would like to share some of our highlights during this time.
We would not have been able to achieve this without the backing of our investors, so from the bottom of our hearts thank you
https://www.benzinga.com/money/top-startups-to-invest-in/
Can Blockchain Streamline HR? New Media Coverage
4 months agoHuman resource departments around the country are overwhelmed by the turnover caused by the Great Resignation and the logistical headaches of Covid-19. Based on this there is a strong need for HRs to adopt processes that will help them save time, money, and compliance related headache. TransCrypts offers one of these processes. Through the blockchain we are completely automating the issuance of employment and income verification documents thus allowing our HR users to spend their precious resources doing more important tasks in these troubling times.
To learn more about TransCrypts and our revolutionary blockchain technology check out the latest article by Benzinga
https://www.benzinga.com/markets/cryptocurrency/22/01/25012093/can-blockchain-streamline-hr
3 Days Left To Invest
4 months agoJust 3 days left to invest in TransCrypts equity crowdfunding campaign. January looks to be our fastest growing month yet coming off an already hot December.
TransCrypts Technology Featured In Latest Article By Benzinga + 8 Days Left to Invest
4 months agoOur underlying blockchain technology was recently featured by Benzinga, as a way human resource departments are speeding up the hiring process. No doubt 2021 was one of the busiest years for HR departments in recent memory. Between managing COVID related issues to dealing with high turnovers, HRs are looking to adopt processes that will help them maximize their time. Our patent-pending process saves these already overworked departments time, money, and compliance-related headache. The benefits of our process over our competitors is helping us enter 2022 at a record pace. December was our best month yet, and the first week of January broke our record for most companies onboarded in a week. By all accounts 2022 is projected to be our best year yet.
Also just as a reminder with just 8 days left to participate in our Startengine campaign. We would like to thank all of our investors for helping us raise over $232,000. With your help we are able to change the world one document at a time!
11 Days Left! Don't Miss Out
4 months agoWith only 11 days left in our Startengine equity crowdfunding campaign don't miss out on your chance in investing in TransCrypts! With now over 205,000 dollars raise we are set to change the world none document at a time.
Benzinga Highlights TransCrypts 2.7B Dollar Opportunity
5 months agoWhat happens when next gen blockchain technology meets archaic HR practices? 2.7B dollars in value is unlocked. Financial media site, Benzinga highlights TransCrypts' potential in its latest publication.
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