Market Insights

Kantara awarded $2.4M for digital ID, Vera data security efforts raise $15M: Friday Deal Book for 5/12/2017

May 12, 2017

One World Identity’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements in the identity industry. Here’s a quick peek at what you need to know for the week ending May 12, 2017.

Kantara, Lockstep Technologies, Gluu Inc and Exponent Inc Awarded $2.4 million to develop digital identity solutions 
The research grants come from the Command, Control, and Interoperability Center for Advanced Data Analysis (CCICADA), a research center at Rutgers University funded by the US Department of Homeland Security Science and Technology Directorate. The funding is being used to develop three innovative digital identity and privacy solutions using smartphones including mobile device attribute verification, mobile authentication and physical access control. [Read more]

Data security specialist Vera raises $15 million strategic funding
The investment was led by Hasso Plattner Ventures and joined by existing investors Battery Ventures, Sutter Hill Ventures, Clear Ventures, Amplify Partners, Capital One Ventures and Leslie Ventures who all participated in this strategic financing, bringing Vera’s total capital raised to over $50 million. Vera’s data security platform enables automation of data security, encryption, control, and compliance. Its offering includes an audit trail and chain of custody tracking to manage regulated enterprise data. [Read more]

Managed mobility service provider WidePoint Acquires Probaris ID
This acquisition adds biometric capture and identity vetting capabilities to WidePoint’s offering, along with contracts and relationships in the federal sector. Widepoint had previously licensed the Probaris ID solution. The acquisition price was $400,000, including an upfront cash payment of $300,000, a contingent performance-based payment of $100,000, along with other revenue sharing-based arrangements. [Read more]

ING launches remote bank account opening in Germany
ING customers in Germany can open basic bank accounts entirely online.Customers fill in their personal details online and accept the terms and conditions then authenticate themselves via an online video chat. The new digital account opening process forms part of a wider program at ING called Welcome, which focuses on digitizing the bank’s core customer facing processes. Germany was one of the first countries to allow remote solutions for customer identification to fulfill know your customer (KYC) requirements. [Read more]

NVIDIA and announce partnership to bring machine learning to graphics cards will offer its machine learning algorithms on NVIDIA’s graphic processing units. cites potential use cases for this integration as customer service, fraud prevention, financial advising and healthcare personalization. NVIDIA reported record earnings earlier this week, doubling its income year over year. [Read more]

Deutsche Bank building single sign-on digital identity for cross-platform banking & services
The largest bank in Germany announced this week that it is building a universal singular account that could access variety of online services and transactions, allowing users to ditch multiple logins on multiple websites. Capital One announced a similar implementation last week. [Read more]

Axon (formerly Taser) reports record earnings as it refocuses on body cams
Net sales increased 43%, with the Software and Sensors driving the bulk of the growth with a 122% year over year growth. Earlier this year Taser announced its rebranding to Axon and offered free body cameras to law enforcement officers. As of the end of the first quarter of 2017, 36 of the 68 major city law enforcement agencies had purchased Axon body-worn cameras. Axon offers the companion platform for data storage, processing, and data sharing.During the the first quarter, the company added an additional 16,400 licenses. Body cameras continue to raise concerns from privacy advocates. [Read more]

Deloitte Luxembourg announced pilot of new blockchain based KYC-As-A-Service
The program, KYCstart, will allow regulated entities to outsource their KYC obligations. “Providers can now rely on specialized entities to delegate and mutualize the KYC and AML/CTF procedures, reducing the cost of both onboarding and ongoing monitoring,” said Maxime Heckel, Director at Deloitte Luxembourg, in the announcement. Deloitte will start providing “KYC as-a-Service” to financial institutions as of mid-2017. [Read more]