Veri5Digital raises $2 million to ramp up Aadhaar biometric services and international presence
Biometric identity verification startup Veri5Digital has raised $2 million in a Series A funding round to scale its identity solutions for the Indian market and build new products and services related to identity and Digital India, YourStory reports. The company also plans to launch its identity products to the U.S. and other Asian markets.
California-based Khosla Ventures participated in the round, which previously launched the Aadhaar Bridge initiative that has become Veri5Digital. The company was founded by CEO Saru Tumuluri in 2016 while she was an entrepreneur in residence at Khosla Labs, which manages over $5 billion in assets.
“The new digital service economies, be it P2P services like Ola/OYO, ecommerce companies like Amazon/Flipkart delivering goods, or job sites like Teamlease/Quess all have a common challenge – how does one build trust between strangers, like a delivery boy and a customer at home, in a digital economy?” comments Tumuluri.
Veri5Digital has onboarded more than two million customers a month for companies including ecommerce firms and banks.
“Identity is a key underlying infrastructure that drives digital transactions globally,” says Khosla Ventures Founder Vinod Khosla. “It is possible to not only deliver high assurance identity verification, but also maintain the privacy of every individual. Veri5Digital has built innovative AI solutions around KYC and authentication, which address the online, digital identity needs of companies globally.”
YourStory reports that Veri5Digital competes with Yoti and eMudhra, providing identity services based on Aadhaar digital signatures, KYC, and video KYC, including an enterprise SaaS platform, plug-and-play SDKs and APIs.