AuthenticID, an identity proofing solution provider for the enterprise, has raised $100 million in funding from Long Ridge Partners. The investment will help the company continue to bring innovative identity proofing solutions to its customers in financial services, telecommunications, government, and other sectors.
“Our platform is relied upon by a majority of the U.S. wireless carriers and various identity platform to securely establish identity,” AuthenticID CEO Jeff S. Jani said. “Our differentiator is the significant ROI we deliver to customers, from stopping more fraud to converting more sales than our digital identity competitors. Our mission is to improve the security for all of our collective identities.”
Union Square Advisors, a boutique technology-focused investment bank, served as AuthenticID’s financial advisor in the transaction.
AuthenticID gives businesses the ability to conduct document-centric identity verification with a high degree of accuracy and fast processing times. The 100% automated solution helps companies increase conversion rates and eliminate fraud at a time when businesses are seeing a surge in the volume of customers who need to be digitally onboarded in order to use their services. AuthenticID leverages machine learning algorithms, AI-powered neural networks, and state-of-the-art computer vision to determine when photos and faces do not match, whether identification documents are fraudulent, and if either the name or face being analyzed has been associated with suspicious activity in the past.
Founded in 2001 by Blair Cohen, AuthenticID made its Finovate debut two years later at FinovateSpring. In the years since, AuthenticID has brought its technology to ten companies in the Fortune 100, three of the top U.S. banks, two of the top three credit reporting agencies, and three of the top five telecommunications companies in the U.S., as well as several international banks and companies around the world. Earlier this month, the company announced that it had reached a new milestone with the launch of its new enterprise-grade SaaS system that can process nearly 35 million identity proofing transactions in a day and more than one billion in a single month.
“AuthenticID has built a market-leading computer vision system to meet the ever-growing requirements of this market,” AuthenticID Chief Technology Officer Richard Huber Jr. said when the milestone was announced. “Our system sets a new standard for reliably and accurately verifying anyone’s identity from anywhere in the world.”