Veridium closes $16.5M funding round, plans to scale sales and marketing infrastructure

Categories Biometrics News  |  Trade Notes

Veridium announced today that it has closed its Series B funding round of $16.5 million, led by UK entrepreneur and philanthropist Michael Spencer, with participation from Citrix Systems and financial services executive and investor Michael Powell.

This financing enables Veridium to continue to accelerate product development and innovation of its multi-factor biometric authentication platform and to scale its sales and marketing infrastructure across the Americas, Europe and Asia to further build its leadership in strong authentication solutions using biometrics.

“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,” explained Michael 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’s worldwide customer base spans multiple industries including several of the world’s largest financial services organizations. Most recently the company announced that a multinational Swiss bank selected the Veridium platform to replace the use of passwords, tokens and swipe cards.

“Deploying biometric authentication is a clear win for financial service organizations,” said Michael Powell. “Organizations continue to see the benefits of biometric authentication, including simplifying and securing the login process and identifying with precision who you are dealing with.”

Michael Spencer, who is the Group Chief Executive Officer of NEX Group, which is in the process of being acquired by CME Group for $5.5 billion, will be joining Veridium’s board of directors along with Michael Powell and Citrix.

“We are delighted to have the support of Michael Spencer, Michael Powell and Citrix to continue our journey to build best-in-class biometric authentication solutions,” said James Stickland, CEO, Veridium. “With the financing, we’re committed to continue driving innovation of our biometric authentication solutions while driving global scalability to meet customer needs.”

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