Biometric authentication startup Ondato expands in Europe with $2M funding
Ondato, a Lithuanian biometric authentication software company, is expanding its presence across Europe in France, Germany, Spain and in the UK amid Brexit changes.
London will become the new company headquarters, and with $2 million in seed funding from Startup Wise Guys and OTB Ventures, the company plans to continue meeting the growing needs of a digitized economy. Ondato’s annual revenue grew threefold in 2020 and due to this, the company has over 150 clients across 24 countries ranging from gig economy startups to major corporate banks, reports UK Tech News. Ondato’s industries served already span fintech, medical and gaming.
Ondato provides a complete compliance management solution which includes biometric photo and live video identity verification, data monitoring, screening, risk scoring and case management on a unified platform. The solution performs 3D biometric mapping of an individual for identification, which provides high-level accuracy. Other use cases include client onboarding, document legitimacy verification and age verification.
The company attributes its growth to the impact of COVID-19 in the changing platforms across industries such as transport, food delivery, online commerce, consumer services and KYC compliance.
“We see huge potential for Ondato in this vast market for user identity and compliance. Ondato is already a vastly international business, and I look forward to seeing its global footprint expand further,” says Adam Niewinski, managing partner at OTB Ventures.
Ondato also raised more than $500 thousand in mid-2020 to bring its selfie biometrics to the Polish and German markets.