AuthenticID is celebrating its most successful year in company history. The digital identity specialist’s year-over-year revenue went up 186 percent in 2021, making AuthenticID the latest technology provider to benefit from the growing demand for automated and remote identity solutions during the COVID-19 pandemic.
Moving forward, AuthenticID will try to scale its operations to capitalize on that success. The company supplemented its strong revenue with $100 million in investment funding in 2021, and used that money to double its employee headcount over the course of the year. AuthenticID is also preparing to open new corporate headquarters in Kirkland, Washington.
AuthenticID is best known for its fully automated identity verification offering, which uses document recognition to confirm the authenticity of an ID document, and face recognition to match that document to its holder. The solution can run on a modern smartphone, and can scale to provide coverage for organizations of any size.
According to AuthenticID, the organizations that do opt to use its solution can minimize costs and customer abandonment while simultaneously preventing fraud. The company is planning to expand its portfolio in the next few years, and will dedicate some of its recent financial windfall to the research and development of new identity products.
“2021 has been an incredible year for AuthenticID thanks to our dedicated team, wonderful clients and strategic partners who have been instrumental in building our momentum,” said AuthenticID CEO Jeff Jani. “There is a constant demand for accurate identity proofing across company use cases. From compliance and new regulations to the desire to streamline and simplify user experiences, we see our market opportunity widening more than anticipated.”
MarketsandMarkets recently predicted that the identity verification market would climb to $18.6 billion in 2026. Goode Intelligence, meanwhile, has placed it at $17.2 billion in the same forecast period.
February 1, 2022 – by Eric Weiss