Repsol has fostered the creation of Sybol, a new startup focused on the secure management of digital identity in corporate environments through blockchain technology. This emerging company is the result of an internal innovation and intrapreneurship project led by the Repsol Digital area, with the goal of promoting technological solutions that facilitate and protect digital identity in the business environment.
Through Repsol Corporate Venturing, the energy company holds a 15% stake in Sybol and contributes its proprietary decentralized authentication technology. This technology, developed internally, uses blockchain-based verifiable credentials, allowing both individuals and companies to manage their identity securely and in compliance with the new European eIDAS2 regulation.
In the same transaction, Tritemius Venture Builder —the venture building unit of Tritemius Group specialized in investment and the development of blockchain-enabled startups— becomes a strategic partner. Tritemius also joins Sybol’s capital and will collaborate in scaling the solution to other markets and sectors. New shareholders also include Bolboreta Innova Group, Synaptia Invest, Venturade and Chromata Invest.
Sybol was created in response to a critical need for companies in digital environments: securely and efficiently verifying the identity of clients, suppliers, and employees. It does so through a system for issuing and exchanging blockchain-based verifiable credentials, enabling authentication of information without intermediaries, and delivering major efficiencies compared to current verification and document certification processes.
The technological solution proposed by Sybol is aligned with the new European eIDAS2 regulation and simplifies and secures processes such as supplier approval, facility access control, contractor validation, or the issuance of sustainability certificates, among others. Repsol Electricidad y Gas is already using Sybol’s technology to issue more than 2,500 verifiable credentials per month for 500 corporate (B2B) clients, certifying the 100% renewable origin of the energy supplied.
Sybol emerged from an intrapreneurship project led by Repsol Digital —the company’s digital transformation unit that promotes the development of new Web3 solutions in the market— with the aim of building a solution that could scale beyond the organization. By contributing commercial traction and technological innovation, Repsol has joined forces with Tritemius’ entrepreneurial, investment and technological expertise, collaborating in the design of the business model, market validation, and support for the founding team.
“Sybol represents the innovative spirit we want to foster at Repsol: identifying real business challenges, developing technological solutions internally or in collaboration with third parties, and supporting them until they become market-impacting business projects. This startup was born from the internal talent of our Digitalization teams and the collaboration with Tritemius, which as a Venture Builder has supported us in the incorporation of the startup, as well as in the early fundraising stages and the start of operations. Through Repsol Corporate Venturing, we have not only invested in Sybol, but we are also backing its technology, its team, and its potential to transform how companies manage their digital identity,” says Gema García, Director of Repsol Corporate Venturing.
“With the creation of Sybol, we complete an intrapreneurship process that began with the conviction of the need to improve identification and credential verification processes across all the companies in Repsol’s value chain. We are bringing to the market an innovative, tested solution aligned with Repsol’s Digitalization strategy: identifying, developing, and sharing solutions that enhance the competitiveness of our businesses and of the industry as a whole,” states Nuria Ávalos, Director of Digital Consortia at Repsol.
“We see it every day. Digital information can be falsified —and indeed, it is— leading to significant economic and reputational costs for companies. Sybol was born as a response to this real problem: the need to verify that the digital information being exchanged is truthful and reliable,” explains Raúl López, CEO of Sybol. “With our solution, companies can verify it without intermediaries, quickly and easily.”
“Sybol confirms our commitment to building new businesses based on decentralized technologies with real impact potential,” says Luis Pastor, CEO of Tritemius. “Thanks to the collaboration with Repsol and the talent of the entrepreneurial team, we have built a solution ready to scale in sectors with heavy document exchange and critical verification processes.”
Sybol is led by Raúl López (CEO), a digital identity expert —former partner in IT Consulting and Innovation and former Head of Digital Assets and Web3 at Grant Thornton— with extensive experience in leading innovation projects and the use of decentralized technologies. He is joined by Iñigo García (CTO), a national leader in cybersecurity and Web3 technologies; Alfredo Abad (COO), who after leading the project within Repsol has transitioned to entrepreneurship in this new startup; and Pelayo García-Conde (Head of Product), with broad experience in Web3 project development.
Repsol is a global multi-energy company active across the entire energy value chain. Innovation and technology are fundamental pillars of its strategy to achieve carbon neutrality by 2050. The company has a strategic investment fund, Repsol Corporate Venturing, endowed with €50 million, which has already invested in more than 20 tech startups worldwide, backing disruptive projects in biotechnology, artificial intelligence, energy, mobility, and now, digital identity.
Tritemius is a Spanish multidisciplinary firm dedicated to investment and the creation of new businesses in the Web3 ecosystem, the latter through its Tritemius Venture Builder, from which the Sybol operation has been developed. Tritemius’ vision is to promote entrepreneurship by channeling trends that enable the mass adoption of decentralized applications. The Tritemius team is composed of specialists with more than 10 years of distinctive experience in Web3, spanning business, finance, technology, marketing, and regulation —the latter especially relevant in the industry.
Sybol is a Spanish startup specialized in digital identity, digital information verification, and the issuance of verifiable credentials. It was born from an intrapreneurship project at Repsol and has been developed with the support of the venture builder Tritemius. Its mission is to facilitate the secure and reliable exchange of information between companies, employees, and suppliers, contributing to the digitalization of the European business ecosystem.
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