Market Insights

Digital Identity Use Cases: Friday Dealbook for 9/27/2019

September 27, 2019

Investments in digital identity services remain strong as Passbase raises $3.6M and Everledger nabs $20 million. Companies such as Syntizen continue to grow to meet new challenges posed by emerging national digital identity schemes. These companies target a variety of identity use cases, from verification to authentication to authorization.

 

The Top Deals Covered by OWI this Week

 

Passbase \ passbase.com \ Founded in 2018

Developer of a digital identity verification solution intended to create a more privacy-centric future that gives people control over their data. The company’s platform offers a set of SDKs to integrate into the service of facial recognition, liveness detection, ID authenticity checks and ID information extraction, enabling developers to verify new users faster, cheaper and with bank-level confidence.

The company raised EUR 3.3 million ($3.6M) of seed funding in a deal led by Cowboy Ventures and Eniac Ventures on September 25, 2019. Seedcamp and other undisclosed European investors also participated in the round. The funds will be used for growing the team and sales channels in the US and Europe.

 

Everledger \ everledger.io \ Founded in 2015

Provider of a global digital ledger designed to track and protect valuable assets throughout their lifetime journey. The company’s digital ledger uses blockchain technology and distributed ledger system to reduce fraud-related instances of valuables, enabling businesses to converge asset information, through blockchain, and intelligent labeling.

The company raised $20 million of Series A venture funding in a deal led by Tencent Holdings on September 24, 2019. Rakuten Capital, Bloomberg Beta, Fidelity Investments, Vickers Venture Partners and Graphene Ventures also participated in the round. The company will use the funding to further its mission to make supply chains more sustainable.

 

Syntizen \ syntizen.com \ Founded in 2014

Developer of Aadhaar authentication software designed to automate the process of securing citizen’s demographic information. The company’s Aadhaar authentication software combines with E-KYC documentation interface that tracks, updates and verifies citizen’s information including photo, PAN details, name, email addresses, mobile number and related demographic details and secures the data to facilitate online, digital and paperless verification, enabling governmental agencies to secure citizen’s personal and confidential information for further reference and usage.

The company raised an undisclosed amount of pre-Series A funding from Mastercard and ACPL on September 20, 2019. The company will use the funds to improve and expand its domestic products and drive global expansion.

 

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Investor Highlight

 

Eniac Ventures \ eniac.vc \ Founded in 2009

Description of Investor

Founded in 2009, Eniac Ventures is a venture capital firm based in New York, New York. The firm seeks to invest in the seed stage companies operating in the consumer, enterprise and deep tech sectors.

Active Portfolio – 97

Investments (TTM) – 13

Med. Round Amount – $3.00M 

Med. Valuation – $14.23M

# of Exits – 59

Deal History

In the past year, Eniac Ventures has invested in the following 9 identity companies:

Qualia

Brightwheel

ISEE

1upHealth

briq

MedCrypt

Attentive

Alloy

Passbase

 

*Source: PitchBook Data Inc. with proprietary keyword searches set by OWI Analysts