Global private equity house TPG has backed machine learning ID and authentication platform AU10TIX at a post-money valuation of $260m.
TPG made the $60m minority investment through its TPG Tech Adjacencies vehicle, which it closed above its hard cap in May on $1.6bn.
TPG tech investor Arun Agarwal said, “While we all benefit tremendously from the ability to do more via apps and online services, the need for identity and trust remains paramount.
“Today’s digital environment demands an innovative and reliable solution like AU10TIX. The quality, breadth, and speed of its platform are unmatched in the market.”
AU10TIX specialises in the authentication and digitisation of identifying documents including passports, identity cards and driving licenses.
The company says it has experienced triple-digit growth over the last few months.
Buyout major TPG raised $13.8bn for its latest flagship private equity fund and a separate healthcare-focused vehicle earlier this summer.
TPG Partners VIII raised $11.2bn from 235 limited partners, while TPG Healthcare Partners picked up $2.57bn from 115 investors, two separate SEC filings have shown.
The firm now has more than $108bn of assets under management, and invests across sectors including, consumer & retail, financial services, healthcare, industrials, internet & digital media, natural resources & energy, real estate and technology & software.
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