Ondo raises $50 million for AI-powered identity verication...Global identity verication provider...
Transcript of Ondo raises $50 million for AI-powered identity verication...Global identity verication provider...
Globalidentityveri�cationproviderOn�dotodayannouncedthatit’sraised$50millionin
fundingledbySoftbankInvestmentandSalesforceVentures,withparticipationfromM12
(formerlyMicrosoftVentures),FinVC,andothers.ItbringstheSanFranciscocompany’stotal
venturecapitalraisedtoover$100million,followinga$30millionseriesCinSeptember
2017anda$25millionraiseinApril2016,andwillbeusedto“accelerate”itsproduct
developmentandexpansionintoEuropeandSoutheastAsia.
“We’reseeingnewdatabreachesoccureveryday,resultinginmillionsofpeople’sprivate
dataendinguponthedarkweb,”saidCEOandcofounderHusaynKassai.“Withthisnew
funding,wecanprotectmorebusinesses,inmorecountries—andinmoreways—from
thee�ectsoffraud.”
Recommendedvideos PoweredbyAnyClip
BUSINESS
On�doraises$50millionforAI-poweredidentityveri�cationKYLEWIGGERS @KYLE_L_WIGGERS APRIL3,20195:00AM
Above:On�do:IDChecking
On�do—whichwasfoundedin2012bythreeOxfordUniversitygraduateswhoobserved
thatbackgroundcheckswerelargelydonemanuallyandwerethereforepronetohuman
error—developsasoftware-as-a-service(SaaS)platformthattapsAItoperform
backgroundchecksonwould-beemployeesateachstageofthehiringandrecruitment
process.Itinitiallytargetedon-demandbusinessesandcontractworkers,butgradually
expandedinscopeto�nancialservicesandecommerce—speci�callyidentitychecksfor
businessinthoseverticals.
Here’showitworks:EmployeesforOn�do’smorethan1,500customers(amongthem
Handy,WorkMarket,Turo,BlaBlaCar,Square,Revolut,Indiegogo,Bitstamp,Orange,Remitly,
andZipcar)snapasel�eandapictureoftheirpassport,driver’slicense,identitycard,orone
of600otherformsofidenti�cation.Theyperformalivenesscheckbyfollowingon-screen
instructionsinvolvingoneofseveralactions(likeblinking,sayingasequenceofnumbers,or
smiling),andthen,usingopticalcharacterrecognition,facialbiometrics,criminalrecords,
drivingmisdemeanorsrecords,andotherchecks,On�dospitsoutariskreportindicatingits
con�denceintheperson’sidentity.
NOWPLAYINGNOWPLAYING
SoftBankGroup's$… Microsoftinvests$… TheAmazonDriver… SonySurgesAfter
Above:On�doDashboard:Jobapplications
On�doclaimsthatitsAI-drivenplatformcanautomatebackgroundchecksinsecondsacross
192countries,thoughitalsoleansonhumans“toverifyoutliers.”Anditsaysthatitssolution
complieswithKnowYourCustomer(KYC)andAnti-MoneyLaundering(AML)regulations,
helpingittoachievefraudexposureratesaslittleas0.19percent.
“Therehasneverbeenamoreimportanttimeforcompaniestobuildtrustwiththeir
customersbyshowingtheyareonestepaheadoffraudsters,”saidformervicechairmanof
SalesforceFrankvanVeenendaal,whowilljoinOn�do’sboardofdirectors.“IbelieveOn�do
hastheuniqueopportunitytotransformthedigitalidentitymarketanddeliverrobustand
scalableauthentication-as-a-service,similartohowSalesforcetransformedcustomer
relationshipmanagement.”
Othercompaniesoccupyingthenearly$22.68billionidentityveri�cationspaceincludeSan
Francisco-basedCheckr,whichraised$100millioninApril2018.Microsoftleda$10million
VentureBeatNewsletters
Keepyourindustrycredwiththetoptechstoriesdaily.VBDaily
Enteryouremailaddress Subscribe