Venture Capital Pours In For Onfido

London-based Onfido has raised $30 million in a Series C funding round led by Crane Venture Partners, the company has announced. The funding round also saw contributions from other investors including Salesforce Ventures and Microsoft Ventures.Venture Capital Pours In For Onfido

Onfido offers a digital authentication solution based on mobile facial recognition, comparing end users’ photos of their identity documents to their own selfie photos. It’s a concept that’s growing in popularity, with similar solutions like Jumio’s Netverify system – which also includes a liveness detection component – proving highly popular among enterprise clients. For its part, Onfido says its system can recognize more than 600 document types from 192 countries.

In a statement announcing the latest round of funding, Onfido, which also has offices in New York, San Francisco, New Delhi, and Lisbon, indicated that the funding will mainly be used to further support R&D for its platform’s machine learning technology, and to help meet “increasing customer demand in the US and other international markets.”

The new funding brings Onfido’s total to more than $60 million, and suggests strong momentum for the company, which says its annual revenue has increased fivefold over the last three years.

September 28, 2017 – by Alex Perala