US-based authentication technology developer Veridium has completed a $16.5m series B round that included virtualisation software provider Citrix Systems.
Entrepreneur Michael Spencer led the round with an investment sized at $14.2m according to The Times, and private investor Michael Powell also contributed capital.
Founded in 2015, Veridium is working on biometric authentication technology that will allow a business to embed biometrics into mobile apps, allowing users to prove their identity using their face, voice or fingerprints instead of, or in addition to, passwords, tokens or PIN numbers.
James Strickland, Veridium’s CEO, was previously an investment director at financial services firm HSBC’s Corporate Venture Fund.
Strickland said: “With the financing, we are committed to continue driving innovation of our biometric authentication solutions while driving global scalability to meet customer needs.”
The company will put the series B proceeds into strengthening its core technology and expanding its sales and marketing capabilities in Europe, Asia and the Americas region.
Veridium has not revealed details of earlier equity funding but Digital Financial Services Innovation Lab, an accelerator backed by the Bill and Melinda Gates Foundation, provided an undisclosed amount of grant funding in September 2017 and another $150,000 last month.