News of the day: the Trump Administration issued new rules this morning banning downloads of WeChat and TikTok from US app stores, drawing the ire of tech companies, who protest the lack of an organized policy process, and the confusion of cybersecurity experts, who cannot discern why only these two apps were targeted out of a sea of other similar Chinese apps. In any case, this continuation of nationalism and its threat to digital identity is worrisome – read about our thoughts on this subject in this multi-part blog series (Part 1, Part 2, Part 3).
This week’s deals target an assortment of steps along the digital identity lifecycle, from Alloy and identity verification to Britive and authorization. Clearly, identity is becoming increasingly integrated into everyday life, whether through financial services or social media, and it’s our responsibility to approach this ecosystem with thoughtfulness, intent, and organization.
We live for conversations like this. If you are interested in learning more about these deals and deals like them, let’s talk.
Alloy \ alloy.co \ Founded in 2015
Developer of an identity verification platform designed to check frauds and make identity management effective and simple for banks and financial institutions. The company’s platform combines a single API and dashboard centralizing case management, alerts, decision audit trail, and reporting and helps financial institutions integrate multiple sources of data and customer identification program rules to manage identity verification from signup through the life of the customer, enabling banks and fintech companies to automate their identity compliance and fraud decisions.
The company raised $40 million of Series B venture funding in a deal led by Canapi Ventures on September 16, 2020. Primary Venture Partners, Eniac Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures also participated in the round. The funds will be used primarily for investments into the company’s team, scale its sales and marketing business units to keep up with the increasing demand, and expand its R&D to bring new products to market related to transaction and credit decisioning as well as document verification.
Sentinel \ thesentinel.ai \ Founded in 2019
Developer of a fake media detection platform designed to protect democracies against the threats of deepfakes and information warfare. The company’s platform leverages artificial intelligence based detection methods to identify disinformation attacks, synthetic media and influence campaigns, enabling governments and media organizations minimize risk through automated authentication of digital media.
The company raised $1.35 million of seed funding from UnitedAngels VC, Jaan Tallinn and Taavet Hinrikus on September 14, 2020. Ragnar Sass and Martin Henk also participated in the round.
Britive \ britive.com \ Founded in 2018
Provider of cloud security software designed to solve issues associated with privileged access. The company’s software offers complete visibility and access, enforces access policies and monitors compliance, detect privileged access threats for cloud users, enabling organizations to address dynamic threats in the cloud environment.
The company raised $5.4 million of seed funding in a deal led by Upfront Ventures on September 10, 2020. One Way Ventures, SmartGateVC, Andrew Peterson, and Dave Cole also participated in the round. The funds will be used to further develop company’s platform technology for monitoring, analyzing, and dynamic orchestration of access privileges across cloud applications and infrastructure, as well as to expand its go-to-market capability
Canapi Ventures \ canapi.com \ Founded in 2018
Founded in 2018, Canapi is a venture capital firm that is based in Washington, District of Columbia. The firm prefers to invest in early to growth-stage fin-tech companies.
Active Portfolio – 5
Investments (TTM) – 4
Med. Round Amount – $40.00M
Med. Valuation – $861.00M
# of Exits – n/a