Socure, the leading software behind digital identity verification technology, today announced it’s raised $13.9 million in a Series B funding. Led by Commerce Ventures, this round brings Socure's total capital raised to $26.9 million.
The company plans to use the funding to build out its platform and customer support infrastructure, accelerate market penetration and expand into new markets. On top of that, it will put money toward improving its technology to meet the demands of today’s digital businesses and consumers.
“Doing business through the digital channels is now a market mandate,” said Sunil Madhu, CEO. “Businesses must be able to positively identify the individuals they’re doing business with to be better able to accept new customers and avoid fraud.”
Socure helps businesses avoid fraud by using artificial intelligence that analyzes online and offline data to determine if an identity is authentic. Unlike legacy identity verification providers that are trying to integrate AI into existing rules-based platforms, Socure purpose-built its entire platform from the ground up to be flexible and highly secure.
The company is applying machine learning techniques with data intelligence from email, phone, IP, social media and the broader internet — and Madhu predicts this is just the beginning.
“We’ll see increased use of machine learning and AI across industries that can outperform humans in highly repetitive or complex tasks,” he said. “Socure has pioneered the use of machine learning and AI in the digital identity space and continues to innovate.”
Photo via Socure.
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