Identiq, an anonymous identity validation network, has closed its Series A round on $47m to accelerate growth.
The round was led by Insight Partners and Entrée Capital, with commitments also coming from Amdocs, Sony Innovation Fund by IGV, Vertex Ventures Israel, Oryzn Capital and Slow Ventures.
Funds from the round will be used to accelerate its network growth and add more members.
Identiq claims to have the world’s largest identity validation network and helps companies jointly validate consumer identities, payment details and other sensitive information, without having to share or expose private data.
Its technology compares a new user’s details against identities against identities already trusted by other network members.
Insight Partners co-founder and managing director Jeff Horing said, “Identiq has reached critical mass, and we are excited for the network effect that will continue to accelerate its rapid growth.
“Insight Partners has a history of backing category-defining companies, and Identiq has all the makings of one. They are already enabling the largest companies in the world to collaborate in fighting fraud and solving the most complex data and privacy issues. We look forward to utilizing our ScaleUp engine, Onsite, to help Identiq scale their go-to-market and product initiatives.”
As part of the deal, Horing will join the Identiq board of directors.
The RegTech closed a $5m seed round in 2019 from Entrée Capital, Slow Ventures, Vertex Ventures Israel and Oryzn Capital.
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