Customer onboarding and KYC specialist AU10TIX has brought in $20 million in VC funding. The investment comes by way of Fund Oak HC/FT, and has been poured into ABC Technologies B.V., AU10TIX’s parent company.
In announcing the funding, AU10TIX emphasized the growth in the identity and document verification market in which it specializes, suggesting that the investment will further enable it to distinguish itself in this sector. AU10TIX’s portfolio includes technologies like document reading and facial recognition, which can be used to enable remote identity verification with a selfie from the end user.
Elaborating further on the company’s growth plans, AU10TIX CEO Ron Atzmon said his firm “has established itself as a leader in global customer onboarding and forensic level identity authentication, and is distinguishing itself through advanced machine learning, talent acquisition, and global expansion through new investments and an unmatched customer base.”
Fund Oak HC/FT appears to share that enthusiasm, with partner Matt Streisfeld lauding AU10TIX for its success in delivering strong security solutions to enterprise customers. “AU10TIX’s end-to-end solution is transforming the way Fortune 500 companies across industries verify and authenticate their users,” he said. “We are thrilled to partner with AU10TIX as their vision leads the industry forward and the company continues its significant momentum.”
The new funding arrives after AU10TIX announced that TPG had invested $60 million in ABC Technologies B.V. this past summer.
December 4, 2019 – by Alex Perala