Trust and Safety: Friday Dealbook for 11/1/2019
Trust and safety is one of the core tenants of digital identity (we explored this concept in depth at our recent San Francisco forum), and this week’s deals reflect a continued effort to protect both user data and platform security. Duality Technologies raised $16 million for privacy protection, and Incode and IDnow secured $10 million and $40 million, respectively, for their identification platforms. With the proliferation of data breaches and hacks in recent years, customers and companies alike are expecting trust and safety as a fundamental feature, not a bonus.
The Top Deals Covered by OWI this Week
Duality Technologies \ duality.cloud \ Founded in 2016
Developer of a digital data collaboration software designed to protect privacy, internet protocol (IP) and regulation compliance. The company’s platform applies artificial intelligence (AI) and advanced analytics and enables valuable and sensitive digital assets to be analyzed by partners without revealing the actual data even when analyzed and with a full control of data owners over the use of their data, enabling organizations to collaborate without compromising on security.
The company raised $16 million of Series A venture funding in a deal led by Intel Capital on October 10, 2019. Hearst Ventures and Team8 also participated in the round. The funding will be used to continue developing its secure computing platform, offering privacy-enhanced solutions addressing customer needs in a wide variety of market segments.
Incode \ incode.com \ Founded in 2015
Developer of an end-to-end omni-channel identity platform designed to offer seamless access across multiple channels to reach and engage the next-generation consumer. The company’s platform uses AI to offer secure biometric products for banking, payment and retail industries, enabling clients to keep their businesses secure.
The company raised $10 million of seed funding from undisclosed investors on October 24, 2019. The company intends to use the funds to accelerate adoption of the platform globally.
IDnow \ idnow.io \ Founded in 2014
Developer of a secure electronic identification service platform designed to provide improved customer experience for identification and digital signing. The company’s platform develops and markets secure products for the electronic identification of persons as well as for contract signing via computer or smartphone, and also helps in the verification of business who acquire new customers online and want to offer identification and the conclusion of contracts online, enabling banks and financial services to verify their identity quickly and conveniently from online using their smartphone, tablet or webcam.
The company received EUR 36 million of development capital from Corsair Capital on October 28, 2019. The funds will be used to continue to expand the company’s product range and business operations. Previously, the company raised an undisclosed amount of angel funding via crowdfunding platform Companisto on March 26, 2019.
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Hearst Ventures \ hearst.com/ventures \ Founded in 1995
Description of Investor
Hearst Ventures is the venture capital arm of The Hearst Corporation, based in New York, New York. The firm seeks to invest in emerging media, entertainment, and interactive technologies and was founded in 1995.
Active Portfolio – 46
Investments (TTM) – 12
Med. Round Amount – $14.09M
Med. Valuation – $50.59M
# of Exits – 57
In the past year, Hearst Ventures has invested in the following 5 identity companies:
*Source: PitchBook Data Inc. with proprietary keyword searches set by OWI Analysts