Veridium, a biometric identity startup, has closed its Series B funding round on $16.5m.
The financing round was led by UK entrepreneur and philanthropist, Michael Spencer, with participation from Citrix Systems and financial services executive and investor Michael Powell.
Based in Quincy, Massachusetts, Veridium said it will use the capital to accelerate the product development for its authentication platform using a suite of biometrics including face, fingerprint, and behavioral. To meet customer demand, the company also plans to scale its sales and marketing infrastructure across the Americas, Europe and Asia.
As part of the deal, Spencer, who is the group CEO of NEX Group, which is, will be joining Veridium’s board of directors along with Michael Powell and Citrix.
“In today’s digital age, global organizations are challenged to secure their most critical assets against advanced threats in a way that’s both convenient and secure,” said Spencer. “Veridium is unique in the industry because it provides organizations an enterprise-ready authentication solution to address those problems with the adoption of biometrics – while increasing security and convenience.”
Veridium’s mission is to transform authentication within identity access management through a complete software-only biometrics platform. Its technology enables users to replace passwords, tokens, OTPs or swipe cards with multiple biometrics from their smart phone, including: native device sensors such as face and fingerprint, and Veridium’s 4 Fingers TouchlessID.
For enhanced security, the platform uses visual cryptography to store biometric data between the mobile device and server.
With customers across the globe spanning multiple industries, Veridium recently added several of the world’s largest financial services organisations to its client roster. In May, the company announced that a multinational Swiss bank had selected Veridium to replace passwords, tokens and swipe cards, validating the need for stronger more user-friendly authentication processes.
“We are delighted to have the support of Michael Spencer, Michael Powell and Citrix to continue our journey to build best-in-class biometric authentication solutions,” said James Stickland, CEO, Veridium. “With the financing, we’re committed to continue driving innovation of our biometric authentication solutions while driving global scalability to meet customer needs.”
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