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Veridium’s $16.5 Million Series B Led by Michael Spencer

Exactly one week after pocketing a $150k grant, Veridium has made headlines again after the company reported a Series B funding round totaling $16.5 million. Because Veridium’s initial funding round was unreported, the company’s total funding is unknown.

U.K. entrepreneur and philanthropist Michael Spencer led the round, contributing $14.2 million of the total financing. Other contributors include Citrix Systems, and investor Michael Powell. Both Spencer and Powell will join Veridium’s board of directors.

The company will use the capital to boost product development and to scale its sales and marketing efforts across the Americas, Europe, and Asia in order to meet demand. Veridium already boasts customers in multiple industries across the globe, having recently added several large financial services organizations. In February, the company onboarded the largest bank in the Nordic region, Nordea, and last month, it signed a deal with a multinational Swiss bank to replace passwords, tokens, and swipe cards to create a more user-friendly authentication process.

“In today’s digital age, global organizations are challenged to secure their most critical assets against advanced threats in a way that’s both convenient and secure,” said Spencer. “Veridium is unique in the industry because it provides organizations with an enterprise-ready authentication solution to address those problems with the adoption of biometrics – while increasing security and convenience.”

Veridium offers biometric authentication solutions available through a software-only biometrics platform. The identity access management technology allows users to replace passwords, tokens, and swipe cards with their own facial and fingerprint biometrics that can be read on the sensors already available on their smartphone.

At FinovateEurope 2017, Veridium showcased 4 Fingers TouchlessID, a multi-finger touchless biometric authentication that works on smartphones with a camera. Headquartered in London and Boston, Veridium was founded in 2015. James Stickland is CEO.