AuthenticID, an identification proofing resolution supplier for the enterprise, has raised $100 million in funding from Lengthy Ridge Companions. The funding will assist the corporate proceed to deliver modern identification proofing options to its prospects in monetary companies, telecommunications, authorities, and different sectors.
“Our platform is relied upon by a majority of the U.S. wi-fi carriers and varied identification platform to securely set up identification,” AuthenticID CEO Jeff S. Jani stated. “Our differentiator is the numerous ROI we ship to prospects, from stopping extra fraud to changing extra gross sales than our digital identification opponents. Our mission is to enhance the safety for all of our collective identities.”
Union Sq. Advisors, a boutique technology-focused funding financial institution, served as AuthenticID’s monetary advisor within the transaction.
AuthenticID offers companies the flexibility to conduct document-centric identification verification with a excessive diploma of accuracy and quick processing occasions. The 100% automated resolution helps firms enhance conversion charges and get rid of fraud at a time when companies are seeing a surge within the quantity of consumers who should be digitally onboarded with a view to use their companies. AuthenticID leverages machine studying algorithms, AI-powered neural networks, and state-of-the-art pc imaginative and prescient to find out when pictures and faces don’t match, whether or not identification paperwork are fraudulent, and if both the identify or face being analyzed has been related to suspicious exercise prior to now.
Based in 2001 by Blair Cohen, AuthenticID made its Finovate debut two years later at FinovateSpring. Within the years since, AuthenticID has introduced its know-how to 10 firms within the Fortune 100, three of the highest U.S. banks, two of the highest three credit score reporting businesses, and three of the highest 5 telecommunications firms within the U.S., in addition to a number of worldwide banks and firms around the globe. Earlier this month, the corporate introduced that it had reached a brand new milestone with the launch of its new enterprise-grade SaaS system that may course of almost 35 million identification proofing transactions in a day and a couple of billion in a single month.
“AuthenticID has constructed a market-leading pc imaginative and prescient system to satisfy the ever-growing necessities of this market,” AuthenticID Chief Expertise Officer Richard Huber Jr. stated when the milestone was introduced. “Our system units a brand new customary for reliably and precisely verifying anybody’s identification from wherever on the earth.”
Picture by Steve Johnson from Pexels