Incode rakes in $25M for aggressive biometrics growth push in NA, Europe
Incode Technologies has completed an impressive Series A funding round, bringing in $25 million with the objective of improving its next generation digital ID verification and face biometric authentication technology to expand its market footprint in North America and Europe.
The Silicon Valley-headquartered company said in an announcement that the funds were raised by a coalition of global investors led by DN Capital and 3L Capital, with the participation of Framework Ventures, Walter Ventures, FJ Labs, and DILA Capital. Incode added that the move is also expected to see a tripling of its headcount.
Incode provides biometrics as part of an end-to-end platform for digital onboarding, know your customer (KYC) checks, and omnichannel authentication.
Ricardo Amper, CEO and founder of Incode Technologies, said the funds will help the company continue reinventing how humans verify their identity. “Over the past few years and accelerated by the COVID-19 crisis, consumer expectations regarding digital identity have shifted dramatically. Self-service, contactless experiences are the preferred channel for everything from opening a bank account to checking into a hotel room. Incode is reinventing the way humans verify their identity and interact with companies’ systems, with a highly secure, frictionless AI based experience, that works across channels,” Amper said.
Executives from the two investment firms that led the fundraiser praised Incode’s technology.
“Incode is the most innovative biometric identity technology we’ve seen in the market. Their advanced AI platform, user-friendly and enterprise-ready workflow have enabled them to meet the extremely complex needs of some of the largest companies in the world. Incode is DN Capital’s largest series A investment to date. The explosive adoption of their technology and the market opportunity made it an easy decision to partner with them during this next phase of growth,” said Thomas Rubens, partner at DN Capital.
Paige Thacher, principal at 3L Capital, stated: “Incode’s platform is built to serve businesses operating in the physical and digital worlds with a holistic identity verification platform capable of tying a consumer’s offline and online identity together. While omnichannel capabilities are as critical for IDV as they are for payments, Incode is one of few players positioned to compete on that basis. We’re excited by the innovation that Incode is driving in the identity space.”
The company’s AI, face biometrics and fully-automated technology, which does not use humans in onboarding and authentication processes, helps businesses across the financial services, marketplaces, hospitality, healthcare and cryptocurrency industries to use a single platform for all their identity needs, resulting in consistent, accurate and immediate identification results, according to the announcement. This, the company added, has won it several customers in the financial services market place, and the U.S federal government.
Incode says that unlike other companies, it does not use third-party licensing fees to deliver to customers, to keep its technology at an attractive price point.
A seed funding round brought in $10 million for Incode in 2019.