Investment in Identity Verification Sector Continues to Grow
The identity verification sector is experiencing a surge in investment, with recent funding rounds showcasing the increasing demand for secure and efficient solutions in this field.
Data Zoo Secures $22.7 Million in Series A Funding
- Data Zoo, a provider of identity verification solutions, raised $22.7 million in Series A funding with Ellerston JAADE leading the round.
- The company aims to expand the adoption of its identity verification technology, which utilizes data from over 170 countries.
- Data Zoo’s technology focuses on reducing dropout rates, cutting costs, increasing customer approval rates, and prioritizing data protection and privacy.
OCR Labs Raises $15 Million in Series A Round
- Australian ID verification startup, OCR Labs, secured $15 million in a Series A round led by Turkish investors Oyak Group.
- The funding will support the company’s expansion into the UK, Turkey, and Europe.
- OCR Labs utilizes proprietary technologies for identity document OCR, fraud assessment, liveness detection, and face matching to comply with AML and KYC regulations.
Data Zoo’s Series A Funding Round
Data Zoo, an Australian startup, successfully closed a Series A funding round, securing $22.7 million (AU$35 million) led by Ellerston JAADE, a fund under Ellerston Capital.
Established in 2011, Data Zoo plans to utilize the capital to drive wider adoption of its identity verification technology, which accesses authoritative data from over 170 countries and employs advanced data sequencing.
The company’s technology focuses on automatically verifying identities through the most reliable sources, resulting in lower dropout rates, reduced total cost of ownership, increased customer approval rates, and improved revenue realization. Data Zoo stands out in the identity verification landscape by prioritizing data protection and privacy, eliminating the need to store identity data.
With partnerships with notable companies like eToro, MoneyGram, and Experian, Data Zoo is well-positioned to expand its presence in key markets and establish new strategic alliances. The recent appointment of Charlie Minutella, a former executive from the London Stock Exchange, as the new CEO further emphasizes the company’s growth objectives.
OCR Labs’ Series A Funding Round
Another Australian identity verification startup, OCR Labs, raised $15 million in a Series A funding round, with Oyak Group, Turkish investors, leading the investment.
Founded in 2018, OCR Labs specializes in digital ID verification, customer onboarding, identity fraud prevention, and regulatory compliance. The company plans to utilize the funds to expand its operations and workforce in the UK, Turkey, and Europe.
OCR Labs’ technology integrates five proprietary solutions, including identity document optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face matching. This comprehensive approach aligns with Anti-Money Laundering (AML) regulations, positioning OCR Labs as a valuable solution for businesses navigating digital identity verification challenges.
Positioned for Success in a Growing Market
Driven by trends such as the gig economy and the increased need for remote onboarding processes, startups like Data Zoo and OCR Labs are well-equipped to capitalize on the expanding demand for identity verification solutions.
With fresh investments and ambitious expansion strategies, these companies are poised to make a significant impact in the global identity verification market.
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