News » Business » Blockchain startup TruStory, founded by Indian American Preethi Kasireddy, raises $3 million in seed funding

Blockchain startup TruStory, founded by Indian American Preethi Kasireddy, raises $3 million in seed funding

By |
Preethi Kasireddy
Preethi Kasireddy; image via Facebook

The platform allows users to find out and validate various claims people make online on blogs, website and social media posts.

TruStory, an online fact-checking platform founded by Indian American Preethi Kasireddy, has raised a $3 million in seed funding.

The funding will help TruStory, a Los Angeles-based startup that was launched seven months ago,  “build a world-class engineering, design, and community development team to work towards” its mission, Kasireddy said in a blog post.

The funding, led by True Ventures, had participation from Pantera Capital, Kindred Ventures, Homebrew, Coinbase Ventures, Wonder Ventures, Abstract Ventures, Ausum Ventures, and Dream Machine (Alexia Tsotsis), among others, she wrote.

Several angels also invested in the round, among them Fred Ehrsam, David King, Scott Belsky, Josh Elman, Alok Vasudev and Jessica Verrilli. “It’s an honor to have each of these partners on board,” Kasireddy wrote on Medium.

The platform allows users to find out and validate various claims people make online on blogs, website and social media posts.

“Unlike in today’s web where the onus for fact-checking is on the reader, in TruStory, every ‘story’ or claim goes through a unique validation process that leverages a distributed network of participants with robust economic and social incentives to surface the truth,” the founder wrote.

Kasireddy, who grew up in Monroe, New Jersey, has a B.S. in industrial and systems engineering from the University of Southern California. She quit a Silicon Valley job to found the blockchain startup.

Kasireddy, a blockchain engineer, added that, in her experience as a developer in the blockchain space, including at the digital currency exchange Coinbase, she has “been haunted by the proliferation of low-quality information, rampant inauthenticity, and sheer disinformation.”

“There are no longer universally trusted central parties to keep tabs on what’s real,” she wrote, adding, “That’s why I started TruStory. TruStory is a platform that uses the collective knowledge of the crowd, combined with the right incentives and disincentives, to validate and curate a better reality — starting with the blockchain space.”

Leave a Reply

  Subscribe  
Notify of