HomeFundingMunich's IDnow increases funding to $12M+ to create global solutions for secure...

Munich’s IDnow increases funding to $12M+ to create global solutions for secure digital identification

Munich-based startup IDnow recently entered into a partnership with G+D Mobile Security to combine expertise and resources with the aim to develop AI-driven biometric and security technologies. The collaboration also sees G+D Ventures taking a minority stake in IDnow as part of a multi-million Euro investment to enable the acceleration of research and development and international expansion. This recent investment increases the financing of IDnow to over $12 million. A first result of this collaboration is the development of a fully automatic remote identification solution for international markets.

Founded in 2014, IDnow probably provides the world’s most advanced machine-learning technology for its Identity-as-a-Service platform that can verify in real time the identities of more than 6.3 billion people from 115 different countries.

Their patent-protected video identification and e-signing solutions help their clients save money, improve customer conversion rates and streamline the onboarding process. The Munich-based growth startup already counst a team of 300.

The volume of the global market for the onboarding and management of digital identities is estimated at more than €10 billio. Digital identities are a key factor in creating confidence in the digital economy of the future: market developments such as the regulation in the finance sector, digitization of business and e-government processes as well as ever increasing requirements with regard to data privacy and customer experiences will foster the need for new, global solutions to ensure the simple, secure and reliable management of digital identities.

“We are pleased that Giesecke+Devrient places its trust in us and that we will jointly provide biometric and AI-based products for digital identification. With its global presence and expertise, G+D is the ideal partner for IDnow. We set the highest value on the reliability and efficiency of our products, combined with a superior customer experience.” said IDnow CEO Rupert Spiegelberg.

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Thomas Ohr
Thomas Ohr
Thomas Ohr is the "Editor in Chief" of EU-Startups.com and started the blog in October 2010. He is excited about Europe's future, passionate about new business ideas and lives in Barcelona (Spain).

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