Israel-based identity verification software developer Identiq has raised $47m in series A funding from investors including consumer electronics producer Sony’s Innovation Fund by IGV and communications software provider Amdocs.
Growth equity firm Insight Partners and venture capital firm Entrée Capital co-led the round, which was also backed by existing investors including Vertex Ventures Israel, Oryzn Capital and Slow Ventures.
Identiq’s peer-to-peer identity verification product enables customers to validate new users without requiring identifiable information such as customer data. The funding will be allocating to expanding the company’s network.
Entrée Capital had previously led the company’s $5m seed round in May 2019, investing together with Slow Ventures, Vertex Ventures Israel and Oryzn Capital.
Anthony Goonetilleke, Amdcos’ president of media, network and technology, said: “Amdocs is always cognisant of the need to provide effective fraud prevention and identity validation while maintaining a frictionless experience for consumers.
“As Identiq’s approach balances these needs very well, we are excited to announce our investment into the company. Identiq’s solution has the potential to remove friction and improve the customer onboarding experience that is so critical to driving growth while maintaining privacy.”
