Tel Aviv, Israel – Identiq, the world’s first Anonymous Identity Validation Network, today announced a Series A round of $47 million. The round was led by Insight Partners and Entrée Capital with additional participation from Amdocs, Sony Innovation Fund by IGV, and existing investors, including Vertex Ventures Israel, Oryzn Capital and Slow Ventures.
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 hyper growth over the last year has been driven by leading consumer-focused organizations (members) who have for too long experienced 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.
“Identiq has reached critical mass, and we are excited for the network effect that will continue to accelerate its rapid growth,” said Jeff Horing, Insight Partners Co-Founder and Managing Director, who will be joining the Identiq board of directors. “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.”
“Our ability to lead the market is further validated by the conviction of our investors,” said Itay Levy, CEO of Identiq. “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.”
Many leading companies have already voiced their support for the solution. Gen Tsuchikawa, CEO and Chief Investment Officer of Sony Innovation Fund by Innovation Growth Ventures (IGV), said “Identiq’s innovative approach to identity validation is disruptive for consumer-facing companies, that need to keep fraudsters away but want to enable frictionless customer experiences, while safeguarding users’ private data. We are excited to support Identiq’s unique vision going forward.”
“Customer experience is at the heart of everything we do for the world’s leading communications and media companies. Amdocs is always cognizant of the need to provide effective fraud prevention and identity validation while maintaining a frictionless experience for consumers,” said Anthony Goonetilleke, Group President of Media, Network and Technology at Amdocs. “As Identiq’s approach balances these needs very well, we are excited to announce our investment into the company. Identiq’s solution has the potential to remove friction and improve the customer onboarding experience that is so critical to driving growth while maintaining privacy.”
The company plans to use the investment to further accelerate its network growth, adding more members, 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.
Identiq is a peer-to-peer identity verification network that allows its members, including some of the world’s largest consumer-facing companies, to validate new users without sharing any sensitive customer data or identifiable information whatsoever.
By taking third-party data providers out of the equation, companies can leverage the consensus of other network members, delivering a seamless onboarding experience to known trusted users while keeping out bad actors.
Recognized by Gartner™ as a Cool Vendor for Privacy in 2020, Identiq sets a new standard for end-user privacy while reducing false positives, increasing approval rates and creating a better user experience.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Entrée Capital
Entrée Capital, with offices in Israel, UK, and the US, was founded in 2010 and provides multi-stage funding to innovative seed, early, and growth-stage companies all over the world. Entrée Capital manages over $650m across six funds and has invested in startups such as monday.com, Snap, Stripe, Deliveroo, PostMates, Riskified, FundBox, Toka Cyber, Kuda Bank, Stash, PillPack, Gusto, Cazoo, Coupang, Glovo, and over 80 other companies. Entrée Capital has realized over 20 exits and IPO’s. For more information visit www.entreecapital.vc and twitter: @entreecap
Amdocs’ purpose is to enrich lives and progress society, using creativity and technology to build a better connected world. Amdocs and its 26,000 employees partner with the leading players in the communications and media industry, enabling next-generation experiences in 85 countries. Our cloud-native, open and dynamic portfolio of digital solutions, platforms and services brings greater choice, faster time to market and flexibility, to better meet the evolving needs of our customers as they drive growth, transform and take their business to the cloud. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.2 billion in fiscal 2020.
About Sony Innovation Fund by IGV
Sony Innovation Fund by Innovation Growth Ventures (IGV) is a venture capital fund established in 2019 by Sony Corporation, Daiwa Capital Holdings Co., Ltd. and external limited partners. As one of Sony Group’s venture investment programs, IGV invests in mid to late-stage startup companies across Japan, the U.S., Europe, Israel and India.