$6M in funding and new leadership for VerifyMy amid regulatory explosion
The UK-based age and content verification provider is moving to capitalize on the surge in age-related regulations, bringing on a co-CEO in tandem with a £5 million (US$6.2 million) infusion from angel investors, says a report on BusinessCloud.
Michal Karnibad will join Founder Ryan Shaw in handling CEO duties. Karnibad brings experience as COO of Norwegian solar energy firm Otovo. She emphasized her commitment to VerifyMy’s mission to safeguard children online, and to making a positive impact at scale.
Shaw said the company would use the new funding, which comes in part from Booking.com Founder Marijn Muyser, to continue delivering “strong commercial progress.” It has noted the flurry of global regulatory activity to address biometrics and age-restricted online products — the UK’s Online Safety Bill, the EU Digital Services Act, and California’s Children’s Code, among others — and plans to fast-track product development, in hopes it might catch the crest of the legislative wave.
At present, VerifyMy offers two products. VerifyMyAge is its flagship age verification tool, while VerifyMyContent is a hybrid authentication and content moderation product designed to accommodate Mastercard’s operation in the adult entertainment sector. The company’s clients also include eBay and Toolstation.
The push for online regulation has gotten stronger as social media and pornographic websites have become more prominent and easier for youth to access. In some instances, as in the UK Online Safety Bill and its biometric lawmakers have faced opposition from critics who see the measures as invasive.