Element earns $12M, WorkFusion wins $50M, Kadena catches $12M: Friday Deal Book for 04/13/2018

April 13, 2018
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It was a jam-packed week of dealmaking in the identity space with hundreds of millions of dollars worth of deals inked. Here’s a roundup of partnerships, funding and product announcements from across the identity industry for the week ending April 13, 2018.

Biometric identity provider Element brings in $12 million

The Series A funding round was led by PTB Ventures and GDP Venture, with participation from major banks and telecom carriers in southeast Asia. Element develops and distributes a mobile-based, software-only platform for biometric identity. Its end-to-end biometric solutions are used for a variety of models, including immunization platforms, connected diagnostics, digital identity for healthcare providers, and financial services. [Read more]

WorkFusion raises $50 million for AI-powered software robots

Hawk Equity and Declaration Partners led the Series E round. To date, WorkFusion has raised $118 million, including from previous investors Georgian Partners, iNovia Capital, and NGP Capital. Its AI-powered platform relies on software robots, which can handle customer onboarding for banks, or process claims for insurance providers. [Read more]

Blockchain platform provider Kadena catches $12 million

The Series B round included Devonshire Investors, Fidelity Investments’s private investment firm, SV Angel, Multicoin Capital, Susquehanna International Group (SIG), and Asimov Ventures. Kadena plans to use the funds to develop a enterprise-grade public blockchain capable of processing over 10,000 transactions per second. Founded in 2016, the New York City-based company’s technology is currently being used by a Fortune 100 company in healthcare. [Read more]

Compliant background check company Checkr raises $100 million

The Series C round came from funds and accounts managed by T. Rowe Price Associates, with participation from existing investors Accel and Y Combinator. Checkr also announced that it is now providing background checks for Adecco, Allstate, and Lyft. The company plans to use the funding to expand into enterprise, expand its AI offerings, and nearly double the size of its team. [Read more]

Facial recognition AI company SenseTime breaks records with $600 million round

The round was led by Alibaba and is said to have been the largest venture capital investment in the AI industry. SenseTime uses facial recognition for financial services such as bank card verification. A previous investment in the company came from Qualcomm for an undisclosed sum. The funding reportedly puts the Chinese firm’s valuation above $3 billion. [Read more]

IoT security provider Armis acquires $30 million

The Series B round was led by Bain Capital Ventures and Red Dot Capital, with participation from previous investors Sequooia Capital and Tenaya Capital. To date, Armis has raised $47 million. The company has a database of more than 5 million devices to track their expected behavior. [Read more]

Expel exceeds $25 million with latest round

The $20 million Series B brings its total funding to $27.5 million. The latest round was led by Scale Venture Partners, with additional participation from New Enterprise Associates, Battery Ventures, and Greycroft. Expel offers security threat monitoring and detecting products, and positions itself as a transparent, cooperative alternative to other managed security service providers. [Read more]

Cybersecurity company empow powers to $10 million round

Ascent Venture Partners led the Series B. empow technology responds to threats by using a client’s existing security infrastructure. The intent of an attack is determined by using AI and machine learning. [Read more]

Incident response firm Secdo acquired by Palo Alto Networks, price tag could be $100 million

The financial terms of the deal were not actually disclosed, but Palo Alto Networks announced it has entered a definitive agreement to acquire the Israeli firm. Secdo was bought for its endpoint detection and response capabilities. Since it was founded in 2014, the company has raised $11 million. [Read more]