Evident ID raises $20 million to develop facial biometrics and expand to meet onboarding demand
Identity and credential verification platform provider Evident ID has raised $20 million in Series B financing. The funds will be used to broaden Evident’s technical infrastructure, expand its team to meet enterprise demand for identity verification for efficient remote onboarding, and deepen its investment in artificial intelligence and machine learning, computer vision, and facial recognition technologies, according to the company announcement.
The funding round was led by Aspect Ventures, with participation from New Enterprise Associates (NEA), Blue Cloud Ventures and Internet Security Systems founder Tom Noonan.
“Increasing data privacy regulation, data breaches, and online-offline interactions facilitated via the internet require companies to become arbiters of trust. To reliably fulfill that role, they are seeking solutions to verify personal information for their stakeholders without having to handle personal data themselves,” comments Aspect Ventures Partner Lauren Kolodny. “Evident is helping businesses verify identity and a wide range of credentials with less friction today – and they’re on the way to building the identity platform for the internet.”
The company grew its customer base by 300 percent year-over-year, according to the announcement, offering holistic identity verification which takes in online and offline factors, such as business licenses, biometrics, insurance, and criminal history. The Evident platform is intended to ease the implementation of step-up and continuous identity verification techniques to prevent fraud, and leverages end-to-end cryptography and machine learning to meet strict privacy requirements.
“Evident is solving the most complex identification problems for high-volume businesses with sensitive applications by verifying millions of attributes in a secure and efficient way,” says Evident CEO David Thomas. “With this new infusion of capital, we can scale to meet the increasing demands of current customers and marketplaces, as well as continue to grow in additional markets and industries including insurance, healthcare and financial services.”
Evident technology was recently integrated into the Okta Identity Cloud to reach its business customers.