AU10TIX gets $20M investment to sustain biometric and ID verification market growth
AU10TIX has received a $20 million investment from Venture Growth-equity Fund OAK HC/FT, after already securing $60 million from TPG earlier this year, to further grow and develop its cloud-based, machine learning ID verification and authentication platform and biometric technology in the identity and document verification market, the company announced.
The company claims the global identity verification and document verification market is projected to register a 17 percent CAGR growth rate and reach $5 billion by 2022 following a strong call for third party physical ID verifications. The fastest growing sectors are finance, government, retail and healthcare, where physical ID verification is adopted for account opening and customer onboarding to prevent fraud, increase trust and safety, and enforce KYC compliance.
“AU10TIX’s end-to-end solution is transforming the way Fortune 500 companies across industries verify and authenticate their users,” said Matt Streisfeld, partner at Oak HC/FT. “We are thrilled to partner with AU10TIX as their vision leads the industry forward and the company continues its significant momentum.”
AU10TIX has a wide solution portfolio which includes forensic level ID authentication, identity verification, screening, and advanced biometrics that have been deployed by a number of companies operating in banking, payments, transportation, travel, and gaming. The company was included in OWIs top Identity Companies in its recent industry landscape.
“AU10TIX has established itself as a leader in global customer onboarding and forensic level identity authentication, and is distinguishing itself through advanced machine learning, talent acquisition, and global expansion through new investments and an unmatched customer base,” said Ron Atzmon, CEO, AU10TIX.
In July, AU10TIX announced it would provide biometric identity proofing, identity data verification, PEP/Sanction screening and other technologies to help eSports and gaming social network Zengaming meet KYC requirements.