AuthenticID recently announced a $100 million minority growth investment that has been led by Long Ridge Investment
The investment will be directed towards supporting AuthenticID’s ongoing innovation in automated identity proofing as well as the firm’s market expansion efforts.
AuthenticID, an established provider of Identity Proofing solutions for large companies or businesses, closed a $100 million minority investment from Long Ridge Equity Partners, a tech-focused growth equity firm (on July 22, 2021).
The investment will support AuthenticID’s ongoing expansion within telecommunications, financial services, government, and other consumer segments “looking to establish trust and mitigate fraud, as well as enable AuthenticID to support the next generation of digital identity platforms,” according to a release.
AuthenticID offers identity proofing services to leading firms, which reportedly include some of the nation’s biggest telecom carriers and financial institutions. The solution also “powers many of the leading digital identity platforms globally.”
The announcement further noted:
“AuthenticID provides document-centric identity verification delivered via the only 100 percent automated identity proofing platform, producing the industry’s highest accuracy rates and fastest processing times.”
AuthenticID’s AI-based offering is used “to eliminate fraud and increase conversion rates for a majority of the US wireless carrier market.”
The Identity Proofing market “continues to grow at a rapid pace, with the recent shift to digital customer onboarding and increasing fraud levels driving the need to establish identity remotely,” the announcement revealed.
This latest investment will be channeled towards supporting the development of solutions for extended identity verification use cases. The funding also “allows the Company to continue innovating and address the world’s ever-evolving digital identity and verification challenges with automated solutions.”
Jeff S. Jani, CEO, AuthenticID, stated:
“Our platform is relied upon by a majority of the US wireless carriers and various identity platforms to securely establish identity. Our differentiator is the significant ROI we deliver to customers, from stopping more fraud to converting more sales than our digital identity competitors. Our mission is to improve the security for all of our collective identities.”
Jim Brown, Founder and Managing Partner, Long Ridge, remarked:
“AuthenticID’s automated approach to Identity Proofing allows delivery of best-in-class results for their clients, especially when compared to manual and hybrid solutions. The shift towards digital onboarding is accelerating, and AuthenticID is positioned to help global enterprises establish identity, reduce fraud, and build trust. We are excited to partner with AuthenticID and support their vision for securing identities across the globe.”
Blair Cohen, Founder, AuthenticID, added:
“This investment will drive research and development, go-to-market, and market awareness activities that will take the Company to the next level.”
Union Square Advisors LLC served “as exclusive financial advisor” and DLA Piper “served as legal counsel to AuthenticID.”
Choate, Hall, & Stewart LLP served “as legal counsel to Long Ridge Equity Partners.”