Israeli identity validation co Identiq raises $47m
Israeli anonymous identity validation network developer Identiq today announced the completion of a $47 million Series A financing round led by Insight Partners and Entrée Capital with participation from Amdocs, Sony Innovation Fund by IGV, and existing investors, including Vertex Ventures Israel, Oryzn Capital and Slow Ventures, Trend reports with reference to Globes.
Identiq is building the world's largest Identity Validation Network, enabling companies to jointly validate consumer identities, payment details and other sensitive information without sharing or exposing any private data. The network’s rapid growth over the last year has been driven by leading consumer-focused organizations who have long suffered data theft, privacy challenges and frequent attacks by fraudsters posing as real users.
Identiq’s proprietary technology, which compares a new user’s details against identities already trusted by other network members, brings a new level of data quality and "up to the minute" accuracy to the industry. Identiq’s protocol and novel approach offers global organizations a higher-fidelity, lower cost, and more secure alternative to third-party data providers, which tend to charge a high amount for stale information on user identities.
Based in Tel Aviv, Identiq was founded by CEO Itay Levy, VP R&D Uri Arad and VP Engineering Ido Shilon.
Levy said, "Our ability to lead the market is further validated by the conviction of our investors. We’ve proven that privacy is a powerful enabler, with Fortune 500 companies relying on our network to positively identify and validate their users. This guarantees that a trusted user will always have the fastest and best possible experience when dealing with member companies."
The company plans to use the investment to further accelerate its network growth, adding more member organizations, each of which will improve the validation, quality and coverage for all members. This flywheel effect will drive further value for the network’s existing members, improving data coverage and accuracy.