Stanford University has backed a $12m series A for identity management technology developer Truework, which has been expanding its business in the employment and loan referencing space.

US-based identity management platform operator Truework received $12m yesterday in a series A round involving Stanford University.

Venture capital firm Sequoia Capital led the round, investing along with its peers Khosla Ventures, Menlo Ventures and Founder Collective.

Founded in 2017, Truework operates an online platform that securely holds personal employment and income details so employers and banks can run background checks on applicants seeking a job or loan.

Truework only provides personal details once it has been granted explicit consent to do so. The data is then released into the workflow of the organisation running the checks.

Truework currently works with more than 3,000 financial institutions and hundreds of employers. It has verified income data on home loans worth in excess of $2bn.

The series A capital will help Truework strengthen its product development and engineering headcount, with a view to extending the platform’s identity management functionality. Alfred Lin, partner at Sequoia Capital, will join the board of directors.

Truework previously raised $2.9m in an April 2018 seed round led by Keith Rabois, then managing director of Khosla Ventures. Founder Collective, Menlo Ventures and VC firm Crunchfund all contributed to the round, as did several undisclosed investors.