Incode Raises $25M Series A, Paving the Way for a New Generation of Identity Technology
One secure identity platform to provide you seamless access to banking, healthcare, shopping, travel and hotel accommodation; that’s our vision.
I’m incredibly proud to officially announce that we’ve raised a $25M Series A funding round led by DN Capital and 3L Capital, with participation from Framework Ventures, Walter Ventures, FJ Labs, and DILA Capital, to usher in the next generation of digital identity solutions.
It’s been an exciting and extraordinary journey. Five years ago, we founded Incode as a mobile app designed to reinvent the way people share photos. We were looking for facial recognition solutions to integrate, but nothing in the market met our needs. So we set out to build our own.
At the time, image resolution was poor and grainy and we were building our technology in low bandwidth environments to ensure everyone in the world had access to our technology, not just the people with the latest phones. We went all in on AI technology and after a couple years of training our models on millions of photos, we developed the best facial recognition technology in the world.
That foundation of proprietary algorithms and core technology opened up a range of new possibilities for the types of digital identity problems that we could solve, and it had a profound impact on our direction as a business.
In 2019, we pivoted to work hand-in-hand with the world’s largest enterprises, financial services, payments, marketplaces, hospitality and healthcare, solving their most complex identity-related challenges. For the past 18-months, we’ve been deeply focused on building the next generation of digital identity technology that will power the customer experiences of the future.
World’s largest enterprises turn to Incode
Consumer expectations about their interactions with brands have drastically shifted in the last few years. Self-service, contactless experiences have increasingly become the preferred channel for everything from opening a bank account to checking into a hotel room.
To keep pace with this shift, we’ve watched enterprises quickly adopt biometrics identity technology to meet customer expectations and provide delightful experiences. However, we’ve also seen large companies struggle to balance security and compliance needs, particularly around onboarding, authentication and verification.
Incode is the first-of-its kind platform that combines the highest security with a fully automated identity verification platform to deliver exceptional customer experiences. Full stop. And as a result, in the last year, we’ve seen explosive growth — dozens of the world’s largest companies across industries have turned to Incode to help them tackle their identity needs. We’ve been honored to work hand-in-hand with global companies to not only remove friction, but also increase security and build trust with their customers.
Enterprises no longer need to cut-and-paste a range of different software solutions together to account for all of their identity needs. Our 60+ product offering spans capture, identity verification, authentication, critical transaction, KYC compliance, and risk control. Incode’s end-to-end omnichannel identity platform enables seamless access across multiple channels to reach and engage the next-generation consumer, whether that’s on mobile, web, branches, POS systems, ATMs, or wherever the customer is. .
Moreover our roots in image identification technology have given us a huge technical edge, making our platform a world-class biometric engine that doesn’t require humans, as measured by the United States Department of Commerce’s National Institute of Standards and Technology (NIST).And the first ever iBeta certified company for passive liveness.
Where are we going from here
We’ve been on an incredible journey as a company to get to this point and our Series A affirms that we are on the cusp of a new wave of adoption of digital identity technology. With the market expected to grow to more than $50 billion by 2023 and consumers becoming more willing to provide biometric information in exchange for a more effortless and interactive experience, we’re entering an exciting period of change.
Biometric identity technology will be a part of every consumer’s experience much sooner than you think. Incode’s proprietary AI-technology and flexible platform make us poised to power the customer experiences of the future. We hope you’ll continue on this journey with us, as we have many more exciting updates to share in the coming months. Be sure to check back here or connect with us on LinkedIn.
— Ricardo Amper, CEO & Founder of Incode