France-based AI company ubble has acquired more than €10 million (appr. $11.2 million) in capital through a round led Breega and Partech and Breega. The funds raised will reportedly be used to develop ubble’s remote onine ID verification product which will include biometric facial recognition.
The AI-focused firm said it’s planning to establish a leading presence in the digital ID verification sector.
The founders of ubble have prior experience working at Germalto, Google, and Criteo. The founding team says they will be hiring around 15 more staff members.
The online ID verification product will use live streaming video and AI to obtain a live video of the customer’s face and scan their ID documents. The software algorithms will analyze holograms.
They’ll also check the plasticity and rigidity of users’ IDs to determine whether they’re real and then use cross-matching features to complete the verification process. This work will be checked by a team of anti-fraud specialists working at ubble. The company says its video technology can effectively prevent identity theft.
ubble noted that its products can be scaled and offered in countries throughout Europe, because it’s GDPR and eIDAS compliant. The company said it’s planning to obtain its ANSSI certification this year, so that it can offer the products in the regulated French market. Ubble confirmed that it’s currently working with Carrefour Banque, Sofinco (Crédit Agricole Group), the neo-bank Kard, among others.
ubble has also reportedly teamed up with Bpifrance, a French public investment banking institution. The bank is using ubble’s digital ID verification service to assess cash support loan applications during the COVID-19 crisis.
Juliette Delanoe, ubble co-founder, stated:
“This new fund raising and this project with Bpifrance are for us another step in the conquest of the European identity verification market.”
“We are confirming our desire to become a leader in French and European technology: combining cutting-edge technology, compliance with French and European regulations and respect for user data.”
Boris Golden, principal at Partech, remarked:
“With the growing demands of customers and regulators, ubble’s positioning is proving its relevance and deep added value every day.”
Isabelle Gallo, partner at Breega, noted:
“Obtaining the ANSSI certificate [will help ubble with] accelerating the digital transformation of a large number of traditional banking and financial institutions and eventually become a global reference in identity verification.”