Digital Identity platform Yoti has raised £8m in a new round which has valued the company at £82m.
The capital from the round will be used to grow its consumer network, invest in product development, and expand its global operations.
Yoti is a digital identity app which enables consumers to easily verify their identity to businesses and people and prove their age online or purchase age-restricted goods. The service can verify identities online without the need of remembering passwords.
The company has built an AI age estimation solution, Yoti Age Scan, which estimates the age of an individual and flags any account where they do not match the stated age.
Yoti co-founder and CEO Robin Tombs said, “We believe there’s tremendous potential in the use of digital identity for everyone. Over the past few years we have invested about £65m to develop our privacy-preserving identity system, giving individuals a safe and secure way to prove their age or identity, for free.
“I’m really proud of what the team has achieved so far, including working with the Government of Jersey, partnering with Heathrow Airport and NCR, developing our AI age estimation technology – which lets individuals prove their age without sharing any personal details – and most recently launching Yoti to local convenience stores nationwide to help tackle the increasing quality and accessibility of fake IDs.”
The funding has come after a strong period of growth. Yoti has formed a number of partnerships with a number of companies including NCR to improve age-verification at self-checkouts.
Last year, the government of Jersey selected Yoti to serve as its digital identity provider, with 10 per cent of the adult population using the service.
Last year, the company bagged £8m in a funding round which had valued the business at £65m.
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