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IDnow raises $40 million for its AI-driven visual authentication platform

IDnow raises $40 million for its AI-driven visual authentication platform

IDnow has elevated $40 million in venture money as the Munich-based enterprise expands its visible verification platform developed to speed on the net transactions.

Established in 2014, the company tends to make a cloud-dependent authentication provider that associates can combine into their individual solutions. Buyers can choose a selfie employing their cell phones, and the algorithms driving IDnow can match it against a vast variety of govt-issued ID databases to validate the id.

The company will use the revenue to open new offices in France and the U.K. And it is also hoping to use the newest funding to force even further further than its European base of consumers.

“IDnow is very well-positioned to seize bigger current market share in Europe and outside of, as we keep on to
lead the way in the increasing electronic id verification house,” mentioned Andreas Bodczek, CEO of IDnow, in a assertion.

The most recent funding round came from Corsair, a growth equity firm focused on financial and business assistance industries. IDnow has raised at minimum $52 million, a resource it will need as it faces tough opposition from global startups this kind of as Jumio in the U.S., which has raised which has lifted $55 million for its visible authentication system.

IDnow’s key products and solutions consist of IDnow Autoldent. Buyers get a selfie and then AI-run algorithms match it with databases the business has gathered to validate it in opposition to a large assortment of authorities-issued IDs. Companies can also opt to use a variation that includes additional verification by an agent.

The organization suggests the company could now possibly be employed to check IDs of 7 billion people today in 193 nations. It has 250 customers, with a focus in monetary expert services for each incumbent banks this sort of as Lender of Scotland and BNP Paribas, and startups this kind of as Raisin and N26.

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