Acesso Digital raises $108M, Daltrey announces funding to scale biometric security business
Brazilian digital identity authentication provider Acesso Digital has raised 580 million reals (US$108 million) in a Series B funding round to build on the recent growth of its facial biometrics and other solutions and increase its customer base.
Softbank and General Atlantic led the funding round, and each fund will place a member of Acesso Digital’s board. An announcement from General Atlantic says the funding round is the largest ever for an SaaS company in Latin America.
In addition to facial recognition, Acesso Digital provides solutions for remote hiring and digital signatures, and recently expanded into healthcare applications. The company says its volume of transactions analyzed has doubled since the beginning of the COVID-19 pandemic, with billing up 28 percent since March.
Acesso Digital plans to invest part of the funding to expand its portfolio of products and services offered and augment its team.
“The value of digitally-native, flexible solutions has only increased as companies continue to adapt to the digital era,” comments Diego Martins, Acesso Digital’s founder and CEO in the announcement. “This funding will allow us to further expand our participation in this trend and refine our leadership position in key existing and new markets, including telemedicine, e-commerce, and telecommunications. We are grateful to be partnering with two of the largest global technology investors – General Atlantic and the SoftBank Latin America Fund – and look forward to working with our new strategic partners to further scale the business.”
“The contribution will allow us to enter markets such as telemedicine, e-commerce and telecommunications, in addition to investing in the hiring of engineers and in strategic acquisitions,” Martins told Reuters, according to a Google translation.
Acesso Digital recently acquired image analysis startup Meerkat, and Managing Director Paulo Alencastro says the company plans to invest further in similar strategic acquisitions.
Daltrey announces successful fundraising, plans pilots and hiring
Daltrey has announced a successful funding round, with an unspecified amount raised from as-yet unnamed investors.
The company says the successful fund-raise validates its belief in the demand for an identity offering that enables organizations to integrate biometrics into their security systems.
“Governments and private enterprise alike are facing increased pressure to create more robust security frameworks, further heightened by recent increases in remote work, BYOD practices and cyber security attacks on Australian soil,” says Daltrey Chairman and Co-founder Craig Hodges.
“Daltrey’s unique approach to identity management is exciting, disruptive and, most importantly, is ready at a time when organisations are in real need of a modernised identity solution.”
Company representative Kye Greenacre told Biometric Update in an email that the company worked with Hach Private Capital to secure strategic investors with niche industry experience, one of whom is “a high-profile cornerstone investor with niche expertise exporting Australian technology overseas.”
The company is planning to deploy multiple pilot projects in the coming months, and plans to announce multiple new staff appointments next week.
Acesso Digital | Australia | biometrics | Brazil | Daltrey | digital identity | facial recognition | funding