IDnow secures $60M to expand selfie biometrics, digital identity platform uses, availability
Munich-based IDnow has secured access to €60 million (approximately US$60.9 million) in the form of a debt facility from asset management giant Blackrock to bring its digital identity platform and selfie biometrics to new markets.
The company says that the funds will be used to scale investments in strategic initiatives and introduce new identity proofing solutions. Geographical expansion and potential acquisitions are also noted as areas the money is earmarked for.
“We are proud to have been able to raise financing to support IDnow’s business objectives to further grow the company,” says IDnow CEO Andreas Bodczek. “Securing this debt facility from BlackRock reflects their high confidence in the strength of our business. The funding comes at the perfect time for IDnow to continue driving our ambitious growth strategy and we look forward to working with BlackRock.”
“This financing facility caps a string of commercial successes that continue to propel IDnow’s strong growth,” Joe Lichtenberger, CFO of IDnow adds. “The facility will allow us to continue investments in our growth areas. BlackRock is a great partner for IDnow going forward.”
IDnow has also announced a channel partnership with Ankaa in the UK to provide identity verification for automated solutions in the maritime sector.
This means that Ankaa can offer a holistic, end-to-end biometric onboarding solution to maritime customers to screen candidates applying for jobs.
Ankaa is using IDnow’s AutoIdent with an AML screening solution to streamline the recruiting process, which often involves many documents to confirm work history and credentials, while IDnow’s KYC and AML technologies help track who is onboard a given vessel and where their payment goes.
The company says it is now up to 900 enterprise clients across various verticals.
Bahrain’s face biometrics startup Faceki receives funding
Bahrain’s first Business Angels Company Tenmou has invested an undisclosed amount in local face biometrics firm Faceki.
“We’re very proud of investing in a local AI platform that allows many other startups and even government entities to stop relying on different devices to provide biometric solutions to customers,” Tenmou CEO Nawaf Al Kooheji tells Startup Magazine.
From a technical standpoint, Faceki specializes in artificial intelligence (AI)-powered digital identity verification via selfie biometrics, and also provides Know-Your-Customer (KYC) and digital onboarding services to tackle fraud.
“Faceki unifies user experience cross-devices and cross-platform capabilities,” Al Kooheji adds.
“It ensures a smooth user experience over the board. We, in Tenmou, encourage all AI startups which follow Bahrain’s plans for digital transformation, regulatory framework, and digital infrastructure development.”
Faceki is not the first startup focusing on selfie biometrics receiving investments in the past few months.
In April, Columbian startup Truora announced a $15M Series A funding round for selfie biometrics for specific sectors, and more recently Certn raised a $50M investment for biometric background screening and Vida one over $47M.