IdentityMind Global, Digital Identities You Can Trust, an SaaS platform that builds, maintains and analyzes digital identities worldwide, announced on Wednesday it secured $10 million during its Series C Funding Round, which was led by Benhamou Global Ventures and Eastern Link Capital with participation from Hanna Ventures, Overstock.com, and Zanadu Capital Partners.
As previously reported, IdentityMind provides a SaaS RegTech platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud.
According to Garrett Gafke, President and CEO, IdentityMind Global, the new funds will be used to drive expansion within international markets (Asia, Latin America, and Europe), sales, marketing, and the company’s new business unit specifically dedicated to providing know your customer (KYC) and anti-money laundering (AML) solutions to address the regulatory and compliance requirements of the rapidly growing Initial Coin Offering (ICO) and cryptocurrency markets. Gafka also stated:
“We feel privileged to be working with an elite group of high-quality investors who have a proven track record of success. The market demand for digital identity-based solutions in today’s global digital economy is booming. IdentityMind, the pioneer in digital identities, with hundreds of customers spanning six continents, is uniquely positioned to meet growing global market demand.”
Yudong Hou, Managing Partner of Eastern Link Capital, commented:
“We’re excited to join the IdentityMind investment team and see the indispensable value they deliver to any company conducting digital business. The ongoing growth of synthetic or stolen identities requires digital identity-based solutions to prevent identity fraud and maintain the integrity of the global digital economy. IdentityMind has been identified as a ‘go to’ partner for those companies needing to implement an effective defense to identity thieves, online fraudsters, and money launderers worldwide.”
Patrick Byrne, CEO, Overstock.com, and an investor in IdentityMind, added:
“IdentityMind has been at the forefront of helping companies navigate the regulatory compliance waters of the fast-growing, multi-billion dollar cryptocurrency and ICO industry.”