Market Insights

Building Block(chain)s for Identity: Friday Dealbook

02/19/2021

David Chang

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In the wake of the vastly increased demand for remote / contactless services and identity rails in 2020, businesses have scrambled to future-proof their systems via digitization. Some have even capitalized on the moment, launching startups (e.g. Certific) to crest off of concurrently increasing investor demand for such solutions, particularly biometric-based tools and systems. This week’s deals fundamentally reflect this trend, highlighted by 1Kosmos’s $15.1 million of Series A funding to grow its blockchain-based, passwordless identity management system. Also speaking to these are Copado’s $96 million of funding to improve master data management and the $11 million Strata Identity secured to scale its identity management platform, as well as public market activity: with Idex Biometrics receiving $27 million of development capital for covering expansion investment. 

OWI Focus

Top Deals This Week

1Kosmos
1kosmos.com
2016

Developer of an identity management system designed to escape from the legacy systems of paper-based documents and move into a true digital identity with unprecedented privacy, security, transparency and individual rights by leveraging the power of blockchain technology. The company's technology allows people to use their face, voice or fingerprint to access online services such as banking and email to usernames and passwords, which can be hacked or stolen, enabling people and businesses to store their identity data, professional or educational credentials in a secure digital identity safe way on their own mobile devices.

 

The company raised $15.1 million of Series A venture funding from ForgePoint Capital on February 16, 2021. The funds will be used to accelerate the company's growth and product roadmap.

Copado
copado.com
2013

Developer of a cloud-based DevOps platform designed to increase developer productivity and maximize return on investment. The company's platform comprises of agile planning, release management, and compliance and testing, offering continuous delivery, version control, automated deployments, automated regression testing and rollbacks, enabling companies to accelerate their Salesforce deployments and simplify the release process.

 

The company raised $96 million of Series B venture funding in a deal led by Salesforce Ventures and Insight Partners on May 28, 2020. Lead Edge Capital, ISAI and Perpetual Ventures also participated in the round. The funds will be used to expand the platform and fuel international growth.

Strata Identity
strata.io
2019

Developer of an identity orchestration and multi-cloud identity management platform designed to easily manage distributed identity systems. The company's platform ensures a hybrid cloud strategy and multi-cloud strategy that is cost-effective and scales with the enterprise, enabling clients to realize the full potential of application and data migration to the cloud.

 

The company raised $11 million of Series A venture funding in a deal led by Menlo Ventures on February 16, 2021. ForgePoint Capital also participated in the round. The company will use the funding to scale research and development, go-to-market, sales, marketing and customer success for its Maverics platform.

Spotlight

Investor Highlights

Lead Edge Capital
leadedgecapital.com
2009

Founded in 2009, Lead Edge Capital is a venture capital firm headquartered in New York, New York. The firm seeks investments in early-stage and growth-stage companies operating in the software, internet service, and consumer sectors.

 

Active Portfolio - 48

Investments (TTM) - 19

Med. Round Amount - $25.13M

Med. Valuation - $171.01M

# of Exits - 35

 

Copado

Talkdesk

Amplitude

Knock

SPOTLIGHT
Public Highlights
Idex Biometrics
idexbiometrics.com
1996

IDEX Biometrics ASA is a fingerprint imaging, recognition, and authentication technology company. It is engaged in developing and commercializing fingerprint sensor products targeted at the mobile, smart and ID card, and the Internet of Things markets. IDEX provides hardware and software fingerprint solutions suitable for embedding into products to strengthen security and enhance user-friendliness products. Its product portfolio includes Biometric's fingerprint sensors, Biometrics' fingerprint modules, Enrollment solutions, and others. The company operates in Europe, the Middle East, and Africa, America, and Asia.

 

The company (OSL:IDEX) received $27 million (NOK 229 million) of development capital from Derek D'Antilio and undisclosed investors on February 16, 2021 through a private placement. The Company intends to use the net proceeds from the Private Placement to cover expansion investments and used for general corporate purposes, and is expected to fund the Company to the commercially scalable volumes phase.

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