London-based ID startup Veridu raises £800K in seed funding for global identity platform

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Veridu makes it possible to identify and build trust among people across borders and to reduce fraud. Furthermore, the London-based firm offers new customer insight at an unprecedented level.

For this current investment round worth £800K, Veridu received capital from both investment funds and independent investors such as Phil McGriskin and Paul Townsend. The investment funds include Force Over Mass Capital, which is a relatively new fund focusing on the English technology sector, Knightsbridge Executive Services and Belgian Callataÿ & Wouters Ventures.

Veridu was founded in 2012 in Copenhagen by Danish resident Rasmus Groth. He later moved the company to London. His vision was to create the most accurate, reliable and credible tool to quickly and effectively verify the identity of any person anywhere in the world. This is now done by his company by using advanced technology and complex algorithms. Veridu can state the probability that an individual is properly identified in seconds!

As Veridu approves the individual’s identity, the firm also offers its customers very specific customer insight. This of course makes it possible for companies to target content and communications more accurately, efficiently and cheaply than has ever before been possible. And finally, Veridu’s technology is used to ensure greater trust between two parties on e.g. digital marketplaces and elsewhere in the sharing economy.

“We plan to begin fundraising for our A-round next spring. At that point we’ll have proved that we have both the organization and the product to land the really big clients. In fact, we’re currently in the process of integrating our technology with several of them. Right now we’ll spend part of the money on adding data scientists and statisticians to our organization that can further improve the accuracy of our algorithms. In addition, we’re hiring a team that is solely concerned with our major clients and partners. Finally, we’ll develop a self-service solution that makes it easy for any digital store owner and marketplace in the world to make use of our technology. We expect to have the self-service solution ready in the spring of 2016,” says the founder and CEO of Veridu, Rasmus Groth.