Startup IDnow reaches collaboration and investment partnership with Giesecke+Devrient
Startup IDnow and Giesecke+Devrient Mobile Security have formed a partnership to collaborate on the development of artificial intelligence-based biometric and security technologies, EU-Startups.com reports. Under the deal, G+D Ventures will take on a minority stake in IDnow with a multi-million Euro investment to accelerate the research and development and international expansion of IDnow.
The investment brings IDnow’s total funding to more than $12 million, while the first product of the partnership is an automated remote identification solution to be offered internationally.
Munich-based IDnow provides an identity-as-a-service platform powered by machine learning. According to EU-Startups, it can verify the identities of 6.3 million people in 115 countries in real-time. It also offers patented video identification and e-signing products to improve customer conversion rates and onboarding processes.
“We are pleased that Giesecke+Devrient places its trust in us and that we will jointly provide biometric and AI-based products for digital identification,” said IDnow CEO Rupert Spiegelberg. “With its global presence and expertise, G+D is the ideal partner for IDnow. We set the highest value on the reliability and efficiency of our products, combined with a superior customer experience.”
The market for onboarding solutions like IDnow’s consisting of document capture and facial recognition is increasing crowded, with a number of companies launching services this year, with Innovatrics being the most recent example.