Identity verification platform Evident has closed its Series B financing round on $20m to support the growth of its AI technology.
The capital injection was led by Aspect Ventures, with participation also coming from existing backers New Enterprise Associates (NEA) and Internet Security Systems founder Tom Noonan. Blue Cloud Ventures also joined the round, marking its first investment into Evident.
Capital from the round will be used to enhance the technical infrastructure by boosting investment into AI, machine learning, computer vision and facial recognition technology. Alongside this, it hopes to grow its team to meet the ‘explosive demand’ the identity verification solution has witnessed.
Rapid growth has helped the business have a 300 per cent YoY increase to its customer base.
Evident helps clients to conduct identity verification and background checks without having to handle sensitive data. Businesses can access hundreds of direct data sources and thousands of verification types, with multi-level identity proofing to ensure people are who they claim to be.
Separating itself from other solutions in the market, Evident verifies identity holistically, encompassing both online and offline factors, including business licenses, biometrics, criminal history, insurance, and others. Businesses can use the solution to establish continuous identity verification techniques to identify any fraudulent attempts.
Aspect Ventures partner Lauren Kolodny said, “Increasing data privacy regulation, data breaches, and online-offline interactions facilitated via the internet require companies to become arbiters of trust. To reliably fulfill that role, they are seeking solutions to verify personal information for their stakeholders without having to handle personal data themselves.
“Evident is helping businesses verify identity and a wide range of credentials with less friction today – and they’re on the way to building the identity platform for the internet.”
This partnership has come just weeks after Evident formed a partnership with fellow identity solution Okta, in a bid of boosting its own services. By integrating their solutions together, they can provide businesses with a quicker and simpler solution to verify identities and determine access to a platform.
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