- Leader in Autonomous ID Verification receives $20 million from OAK HC/FT, investment follows $60 million investment from TPG
- Recent research shows that the global identity verification and document verification market is projected to grow from $2 billion to $5 billion from 2017-2022, a 17% worldwide CAGR
- Physical ID verification is primarily used for account opening and customer onboarding; the financial, government, retail, and healthcare verticals are growing most quickly
December 4, 2019, AU10TIX, a global cloud-based, machine learning, ID verification and authentication platform, recently announced a $20 million investment from Venture Growth-equity Fund Oak HC/FT into ABC Technologies B.V., Parent of AU10TIX Limited. The investment further enables AU10TIX to distinguish itself in the growing identity verification and document verification market.
Recent research states that there is a clear and present need for third party physical ID verifications across a variety of industry verticals. Physical ID verification is considered mission critical for many customers to help prevent fraud, increase trust and safety and enforce KYC (“know your customer”) compliance.
“AU10TIX’s end-to-end solution is transforming the way Fortune 500 companies across industries verify and authenticate their users,” said Matt Streisfeld, partner at Oak HC/FT. “We are thrilled to partner with AU10TIX as their vision leads the industry forward and the company continues its significant momentum.”
AU10TIX is well positioned to enable these key business processes with its portfolio of services, which includes: forensic level ID authentication, identity verification, screening, and advanced biometrics. Over the last decade AU10TIX has become the preferred solution for customer onboarding and KYC automation across a diverse set of industry sectors: such as banking, payments, transportation, travel, and gaming. AU10TIX is listed among OWIs top Identity Companies in their recent industry landscaping.
“AU10TIX has established itself as a leader in global customer onboarding and forensic level identity authentication, and is distinguishing itself through advanced machine learning, talent acquisition, and global expansion through new investments and an unmatched customer base,” said Ron Atzmon, CEO, AU10TIX.
“Trust is critical as we become more globally connected and AU10TIX is off to a strong start enabling others to build trust within this new economy,” said Carey Kolaja, President and COO, AU10TIX. “We have heard from our customers that they highly value accuracy, security and speed and we offer a holistic and layered approach to meet their business needs and the needs of their customers.”
AU10TIX Limited specializes in the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in providing software-based solutions used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company’s products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient. AU10TIX is a subsidiary of ICTS International N.V. For more information, visit www.au10tix.com
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $1.9 billion in assets under management, Oak HC/FT is focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to its extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn and Medium.