Elena Dumitrascu, Co-founder and CTO, Credivera

In our #AccessAlberta Women in Technology interview series we chatted with Elena Dumitrascu, Co-founder and CTO, Credivera, a technology platform delivering digital credentials and work experience verification. The cloud technology collects and verifies digital credentials while using blockchain to maintain its traceable and auditable record.

What first brought you to Alberta to establish a career in tech?

16 years ago, I was working in Ontario with a group that was building software for the automotive industry. There was a group in Calgary that was working in the same space and about to launch a new venture in FinTech— it was so new it wasn't even called FinTech back then! 

They were working on a very, very early-stage, electronic wallet that would allow you to move funds from your bank account to spend online. This group of engineers in Calgary, fresh out of university, decided, ‘Hey, this sounds like a great opportunity.’ They were growing rapidly and I made the leap to join them. 

Why did you decide to create Credivera (formerly known as TerraHub)?

For my entire tech career I have been involved in developing two-sided marketplaces. I realized that, even when a network promises to act as a clearinghouse for the parties in the transaction, people still need trust. 

When blockchain emerged and promised tamper-proof information, my husband, Dan, wanted to explore use-cases for them. It took some years to sift out the technical from the hype, but after getting some real market interest, together we co-founded TerraHub. We started investigating how best to use blockchain technologies to assure stakeholders that their information was reliable and untampered. We decided to build a product to help employers verify their employees’ credentials, and in February 2021 we changed the company name to Credivera to support the launch of our product and platform into the market. We feel like the name really captures what it is that we do: we uncover the truth behind credentials.

What is special about the verifiable credential technology you're working on—why should others want to use it? 

We believe Credivera will play an integral role in the future of work.

For all employers and hiring managers, it is of the utmost importance that you know exactly whom you are about to hire and that this individual meets all the requisites. Our technology brings proof to employers in a matter of seconds and confidence to end-users. We provide transparency about an individual, directly from the source issuers. And it’s showing. 

 Our multi-sided network has seen dramatic growth in active-users and smooth onboarding of new verifying employers. It allows both issuers and verifiers an easy leap from their legacy systems onto an ever-expanding network of participating entities. Maybe the most important aspect, though, is that we maintain complete privacy, end-to-end: individuals choose how, where and when to share their own data, and that puts our end-users in control. It’s why they take their Credivera wallet with them to their next engagement or employer. Our system provides peace of mind to all sides, so both individuals and employers can freely exchange information for compliance, seamlessly and in real-time. 

What would you say to someone who might be looking to move their company or build their team in Alberta? Why Alberta?

Professionally, there is a real willingness to help. I can't say enough about the collaboration that goes on here and how easy it is to gain access to decision makers, whether you’re looking for funding or new clients. 

There is a significant push towards generating a strong technical talent pool in Alberta. Every post-secondary institution is putting an emphasis on creating specialty schools for advanced technologies. People are serious about growing the tech industry in Alberta and there is real action behind it. 

Personally, Alberta has given me so much! I have spent most of my adult life here, and I met my husband (and now business partner) here. Alberta is a wonderful place to grow up and is a great place to build a life and family. 

Calgary is a very young, vibrant city, and the Rocky mountains are absolutely breathtaking! I remember stepping off the plane for the first time and, while on my way downtown, seeing a mountain range and thinking, “oh, my goodness, this is heavenly.” I also love to snowboard and, back in Ontario, there weren’t opportunities to do so. 

How is Alberta supporting and encouraging the growth of its tech industry?

There are some organizations that are really supporting this growth and putting the province on the map, though I'm more familiar with Calgary organizations than Edmonton ones. 

Getting the word out about this growth are groups like CollisionsYYC, a podcast run by a local entrepreneur, Tyler Chisholm, with guests from the tech industry. I am loving the work of groups like Platform Calgary, that are supporting early-stage entrepreneurs and opening their programs internationally. I’m impressed with the A100, where serial entrepreneurs volunteer their time to help emerging startups. Creative Destruction Lab-Calgary is doing great work with the University of Calgary and companies that are a bit further ahead in their development. 

I'm also loving the programs that Alberta Innovates is offering. The more I learn about their funding programs and support opportunities, the more excited I get, because they really do cover all stages of an organization, including startups and scaleups. 

What can we expect from Credivera in 2021?

At the end of 2020, we finally hit real product-market fit. That’s when the end-user upticks on our direct sales efforts told us we’d found something with potential to go viral. As a network and a marketplace, that’s something special. 

Credivera engages constantly with formative policy and public-private programs to ensure privacy and self-sovereignty are front and centre around national networks and policies for digital credentials. Last year, Credivera was one of just six companies selected by the Canadian government to advance a national network for verifiable credentials. In 2021, we will build on that work, to enable Canadians and Canadian businesses to transition smoothly toward a digital future that they can have real control over. 

This year, from our established foothold in Canada, we’re targeting substantial growth into the U.S., so stay tuned—Credivera is working hard with our gig-economy partners south of the border to make self-sovereign credential networks truly borderless. Together, we’re bracing for a year of the proverbial 10x growth (verifiable!), and maintaining our market leader position in proving workforce credentials. 

#AccessAlberta is a grassroots marketing campaign to promote Alberta’s growing tech ecosystem to our Silicon Valley network. Sign up for our monthly newsletter promoting happenings from the region and highlighting expat Albertans from around the globe.

Want to be featured in a future newsletter? Contact us at jfedeyko@connectionsiliconvalley.com.