July 26, 2021
Long Ridge is pleased to announce a $100 million minority growth capital investment in AuthenticID. The Company is a leading provider of identity verification solutions for large enterprises. The investment will support the Company’s continued expansion within telecommunications, financial services, government, and other consumer segments looking to establish trust and mitigate fraud, as well as enable AuthenticID to support the next generation of digital identity platforms.
Our investment in AuthenticID builds on our experience and continued conviction around compliance and risk management solutions, and follows prior successful partnerships with Avetta, Browz, Drawbridge, ProcessUnity, and Ripjar. The Identity Proofing market continues to grow at a rapid pace, with the recent shift to digital customer onboarding and increasing fraud levels driving the need to establish identity remotely. The funding allows the Company to continue innovating and address the world’s ever-evolving digital identity and verification challenges with automated solutions.
AuthenticID provides identity proofing solutions to leading enterprises, including some of the country’s largest telecom carriers and financial institutions. The solution also powers many of the leading digital identity platforms globally. AuthenticID provides document-centric identity verification delivered via the only 100 percent automated identity proofing platform, producing the industry’s highest accuracy rates and fastest processing times. Notably, AuthenticID’s Artificial Intelligence-based offering is used to eliminate fraud and increase conversion rates for a majority of the US wireless carrier market.
We are excited to partner with Jeff Jani, CEO; Blair Cohen, Founder; and the rest of the AuthenticID team as the Company enters the next phase of its growth.
In connection with the investment, Jim Brown will join the Company’s Board of Directors.
Read the full press release here.