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Biometric authentication company iProov has raised $ 70 million in a round of funding from Silicon Valley Growth Fund Sumeru Equity Partners as demand for online identity verification continues to grow.
According to Juniper Research, companies are preparing to spend about $ 17 billion globally by 2026, an increase of 77% over the estimated $ 9.4 billion spent in 2021. Some trends drive this demand, such as the need for businesses to remotely reach onboard employees and customers.
With continuing digital transformation efforts, and few signs of a decline in remote / hybrid work, companies need new ways to test users. Is They say who they are when they sign up or log in to their app – biometric authentication, including selfie scans, plays a big part.
“As a result of epidemics and migration to remote connectivity, the prevailing industry trend towards biometric verification has accelerated, and reached a tipping point, creating a huge global hunger for a system that is both inclusive and highly secure,” said the founder of iProov and CEO Andrew Bade told VentureBeat.
‘Assurance of True Attendance’
Founded in London in 2012, iProov targets governments, banks and other businesses with the infrastructure to authenticate their users on the web or in local mobile applications – this can be anything from accessing confidential health records and applying to college, enabling visa applications. Is. And opening a bank account. The company counts a number of high-profile clients, including the US Department of Homeland Security, financial services giant ING, and the UK’s National Health Service (NHS).
The technology that companies embed in their software through the Software Development Kit (SDK) relies on iProov’s so-called “real presence confirmation” smarts, which ensure that the person attempting to access the service is a real person (e.g. Photo or other representation) and that too Right Person.
While Face Authentication remains its flagship offer, iProov has entered into other verticals like Palm Verification, which it launched in 2019 as a prototype product. And with another $ 70 million in the bank, iProov is in a much stronger position to expand its horizons. Next
“We have some exciting new offers that we will announce later this year that align with other aspects of biometric authentication,” Bade added. “We are constantly looking at the potential of other biometrics, but they must meet the requirements of excellent inclusive utility and strong security – and that is a high bar.”
A quick peek into the digital identity verification landscape reveals activities over the past year, with transmittance securities raising $ 543 million at a valuation of $ 2.3 billion, while Trulio and Incode also gained 9 9 billion.
Without breaking the exact numbers, iProov recently announced that its revenue would triple year-on-year in 2021, when the same number of online checks were made in the same 10-day period as the previous year.
Simply put, in a world that relies more on remote interactions and connections than ever before, digital authentication is rich.
“Companies struggle with remote identification and verification,” Bade said. “It’s important that they can trust customers, employees and other parties to ensure a high level of security and compliance.”
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