IDVerse
Offering multi-platform development tools for ocr and face matching of identity documents, credit cards, and more globally.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor | €0.0 | round | |
* | N/A | Acquisition | |
| Total Funding | 000k | ||
| USD | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 |
| % growth | - | 187 % | 500 % |
| EBITDA | 0000 | 0000 | 0000 |
| Profit | 0000 | 0000 | 0000 |
| EV | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 |
Source: Dealroom estimates
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IDVerse, operating in the global digital identity verification market, provides a fully automated solution for businesses to onboard users swiftly and securely. The company, founded in 2018 in Australia as OCR Labs and now headquartered in London, was established by Matthew Adams and Daniel Aiello. Adams, with a background in computer science and biometrics, and Aiello, experienced in business systems and automation, aimed to create a more accessible and unbiased identity verification system.
The company's core technology, which it refers to as Natural Vision Processing (NVP), leverages generative AI to train its deep neural network systems. This approach allows machines to autonomously verify identity documents and match them to a user's face with high accuracy, reaching 99.99% in independent lab testing. A key differentiator is the system's ability to operate without human intervention, which streamlines the verification process, reducing it to mere seconds. The technology is designed to be inclusive, having been tested to mitigate biases related to race, age, and gender.
IDVerse's business model is centered on providing its verification services to a diverse clientele, including startups, established global enterprises, and government entities. The company generates revenue by charging these clients for the use of its platform. Prominent clients such as HSBC, Vodafone, BMW, and Virgin Money utilize the service for secure and compliant customer onboarding. The platform supports over 16,000 document types from more than 220 countries and territories, making it a comprehensive solution for businesses with international operations.
Having secured significant capital through a Series B funding round, IDVerse has expanded its global footprint with offices in North America, Asia, and Europe. This financial backing supports its mission to provide a borderless and equitable identity verification service, enabling businesses to scale globally while ensuring trust and security in their user base. Keywords: identity verification, biometrics, generative AI, automated onboarding, KYC, fraud detection, digital identity, regulatory technology, computer vision, financial services