Evident ID — which is an Atlanta, Georgia-based identity and credential verification platform company — recently announced it raised $20 million in Series B funding led by Aspect Ventures. Existing investors New Enterprise Associates (NEA) and Internet Security Systems founder Tom Noonan also participated in this round along with new investor Blue Cloud Ventures.
Former Motorola Solutions Damian Starosielsky, David Thomas, and Nathan Rowe launched Evident to combat identity fraud as it affects millions of people around the world every year. And this funding round will enable Evident to broaden its existing technical infrastructure including deepening its investment in AI and machine learning, computer vision, and facial recognition technologies. Plus Evident is going to expand its team to meet the demand for identity verification as enterprises increasingly rely on efficient and remote onboarding.
“Evident is solving the most complex identification problems for high-volume businesses with sensitive applications by verifying millions of attributes in a secure and efficient way,” said Thomas. “With this new infusion of capital, we can scale to meet the increasing demands of current customers and marketplaces, as well as continue to grow in additional markets and industries including insurance, healthcare, and financial services.”
Evident’s 300% year-over-year customer growth and comprehensive identity verification solution have been key drivers for investor participation. And unlike existing solutions, Evident verifies identity holistically — which encompasses both online and offline factors like business licenses, biometrics, insurance, criminal history, etc. Some of Evident’s customers include Airbnb, Marsh, Porch, Helpr, Sifted, Juggle, and GetMyBoat.
“Increasing data privacy regulation, data breaches, and online-offline interactions facilitated via the internet require companies to become arbiters of trust. To reliably fulfill that role, they are seeking solutions to verify personal information for their stakeholders without having to handle personal data themselves,” added Aspect Ventures partner Lauren Kolodny. “Evident is helping businesses verify identity and a wide range of credentials with less friction today – and they’re on the way to building the identity platform for the internet.”
And the platform allows businesses to easily implement step-up and continuous identity verification techniques, which is a key consideration given the increasing amount of fraudulent activity online. Plus Evident enables companies to confidently know who they are registering, hiring, onboarding or verifying for a wide variety of applications while leveraging end-to-end cryptography and machine learning to meet increasingly strict privacy requirements.
“Identity verification has never been more important, especially as businesses consider the conflict of mitigating fraud while prioritizing growth and streamlined user experiences,” explained NEA partner Vanessa Larco. “Evident is solving these crucial challenges while maintaining the highest standards of privacy and security. Their ongoing market penetration combined with the strength and extensibility of their platform addresses key issues that all businesses are trying to solve.”
Evident’s secure Identity Assurance Platform also enables businesses confidently find out who they are dealing with without handling sensitive personal data. Evident is the only platform that enables comprehensive, accurate, and up-to-date identity and credential verifications without the risk and liability of holding personal information.