Presidio Identity raises $3.5M, 3Divi $2M as biometrics investment bonanza continues
Digital identity solutions provider Presidio Identity has announced the closing of a $3.5 million second round of funding. The San Francisco-based company specializes in biometric KYC and digital identity solutions designed to eliminate account takeovers, identity theft, and identity fraud.
The Seed Plus round was led by Pelion Venture Partners with the participation of previous investors Salesforce Founder Marc Benioff, Splunk CEO Doug Merritt, and others.
The fresh funds bring the total invested in the company to $5 million. According to Presidio, they will be used to expand its sales and marketing efforts, as well as to grow product operations for its digital identity solutions.
These include document verification, proof of account, and device biometrics-powered authentication.
Commenting on the news, Presidio Identity Founder and CEO Dennis Moore said that as the world becomes more digital, cybersecurity threats become more pressing.
“These new threats require new solutions to bring trust and security to consumers, digital interactions with banks, financial services firms, and other service providers,” the executive explained.
“Our solution uses state-of-the-art encryption technology and industry standards to eliminate account takeovers and other forms of identity fraud that cost our economy tens of billions of dollars every year.
Together with the announcement of the new funding round, Presidio unveiled the addition of two new members to its recently-established Board of Advisors: MedSec Chief Technology Officer Andrew Donarumo and Okta President of Worldwide Field Operations, Charles Race.
Presidio Identity recently also announced the establishment of the Digital Identity Early Access Program, scheduled for launch by next month, which will enable customers to deploy a fully-functional digital identity initiative in under two months.
3Divi secures $2M to further develop biometric algorithms, platform
3Divi has raised $2 million in funding from the NTI Venture Fund to further improve the company’s biometric algorithms for face and body recognition, as well as its computer vision as a service (CVaaS) platform.
The company’s algorithms, based on an internally developed machine learning framework. 3Divi says its platform meets the privacy requirements of regulations likek GDPR and CCPA, and can be used for human activity recognition applications in biometrics, IoT, security, smart cars, smart retail, robotics, and digital health, among other verticals.
The NTI Venture Fund is managed by Russian private investment firm Kama Flow.
“The company is already known in the computer vision market with SDKs for face and skeletal tracking,” states 3Divi Co-founder Dmitri Morozov. “An important strategic step for us is the transition from selling SDKs to a service model offering our technologies for analyzing face, body and human actions. Our clients will be able to significantly reduce the time and costs of such projects thanks to easy- to- integrate low- code tools. I am confident that with the support of the investment, our ambitions of global leadership in this area can be fully realized.”