Market Insights

Bluecore boosted by $35M, HYPR hauls $8M: Friday Deal Book for 10/6/2017

OWI’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements in the identity industry. Here’s a quick peek at what you need to know for the week ending Oct. 6, 2017.

Decentralized authentication provider HYPR raises $8 million Series A
The round was led by RRE Ventures with participation from existing investors RTP Ventures, Boldstart Ventures, and Mesh Ventures, bringing the company’s total funding to $12.8 million. HYPR plans to use the funds to accelerate the deployment of its authentication solutions, after announcing that it has surpassed 25 million users. HYPR provides decentralized authentication solutions and supports a variety of authentication methods including passwords, pins, and biometrics. In the wake of massive data breaches of central repositories, decentralized solutions are gaining broad appeal for their potential security benefits. [Read more]

IRS awards $7.25 million identity theft protection contract to Equifax
Under the sole source contract, awarded on September 29th – well after the disclosure of Equifax’s data breach, Equifax will verify taxpayer identity for the IRS to prevent fraudulent claims. The IRS has been aggressively combating identity theft after years of rising identity theft reports and a breach of the IRS’s own systems resulting in a theft of nearly $40 million of federal funds. Meanwhile, former Equifax CEO Rick Smith, took a beating from Congress in a series of Congressional hearings probing Equifax’s data breach and the company’s subsequent response. Lawmakers on both sides of the aisle were outraged at the award, with Senate Finance Chairman Orrin Hatch calling the move “irresponsible.” [Read more]

Marketing personalization platform Bluecore raises $35 million Series C
The round was led by Norwest Venture Partners, along with participation from FirstMark Capital, Georgian Partners and Felicis Ventures, bringing the company’s total funding to more than $63 million. Bluecore unifies customer and catalog data to help retailers create a unified customer view and use predictive models to optimize personalization campaigns. The company currently boasts 400 brands and retailers as clients, with Bluecore capturing 47 billion real-time behavioral events across 230 million transactions. Marketing personalization and automation services have experienced strong growth under a notable absence of regulation on customer data use in this sector.  [Read more]

Airports push for eGate expansion for automated border control
Several global airports this week announced contract awards for eGates. Luxembourg Airport commissioned Veridos to install ten eGates, while the Dublin Airport contracted Vision-Box to deploy 20 eGates. Meanwhile, the Hamad International Airport in Qatar signed a memorandum of understanding with SITA to trial a variety of biometric solutions, including verification e-gates. Automated border control solutions have been growing quickly as countries struggle to keep up with growing passenger volumes while maintaining border security. The eGate market is predicted to generate over $1.2 billion in revenue by 2020, with much of the demand coming from Europe. [Read more]