Identity verification specialist Socure has announced it has secured $35 million in a new funding round let by Sorenson Ventures and with participation from Commerce Ventures, Scale Venture Partners and Flint Capital, all of whom are existing investors.
With these additional funds, Socure has noted its intentions to use them to enhance its machine learning capabilities and advance in its mission to eliminate identity fraud while becoming the most trusted source of ID verification available.
We are grateful to have had significant investor interest despite the current economic environment, and are proud to have taken less money than was on the table,” said Tom Thimot, CEO of Socure. “As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products and capabilities.”
Based in New York City, Socure was founded in 2012 by Johnny Ayers and is a predictive analytics platform that uses artificial intelligence and machine learning techniques to verify identities in real-time. In 2015, it added facial recognition capabilities to its platform.
Socure was name among the Top 25 Machine Learning Startups to Watch by Forbes earlier this year, and this latest round of funding — which also included participation from Citi Ventures — brings its total to $96 million.
“Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated,” explained Travis Skelly, Director, Venture Investing at Citi Ventures. “Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story.”
August 27, 2020 – by Tony Bitzionis