AuthenticID Announces $100 Million Minority Growth Investment Led by Long Ridge
Investment Supports AuthenticID’s Innovation in Automated Identity Proofing and Market Expansion
SEATTLE–(BUSINESS WIRE)–AuthenticID, the leading provider of Identity Proofing solutions for large enterprises, announced it has closed a $100 million minority investment from Long Ridge Equity Partners, a technology-focused growth equity firm. The investment will support AuthenticID’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.
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.
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. This investment will support the development of solutions for extended identity verification use cases. The funding also allows the Company to continue innovating and address the world’s ever-evolving digital identity and verification challenges with automated solutions.
“Our platform is relied upon by a majority of the US wireless carriers and various identity platforms to securely establish identity,” said Jeff S. Jani, CEO, AuthenticID. “Our differentiator is the significant ROI we deliver to customers, from stopping more fraud to converting more sales than our digital identity competitors. Our mission is to improve the security for all of our collective identities.”
“AuthenticID’s automated approach to Identity Proofing allows delivery of best-in-class results for their clients, especially when compared to manual and hybrid solutions,” said Jim Brown, Founder and Managing Partner, Long Ridge. “The shift towards digital onboarding is accelerating, and AuthenticID is positioned to help global enterprises establish identity, reduce fraud, and build trust. We are excited to partner with AuthenticID and support their vision for securing identities across the globe.”
“This investment marks a significant milestone in AuthenticID’s growth,” said Blair Cohen, Founder, AuthenticID. “This investment will drive research and development, go-to-market, and market awareness activities that will take the Company to the next level.”
Union Square Advisors LLC served as exclusive financial advisor and DLA Piper served as legal counsel to AuthenticID. Choate, Hall, & Stewart LLP served as legal counsel to Long Ridge Equity Partners.
AuthenticID is a pioneer in the Identity Proofing and Verification space. AuthenticID’s fully- automated solution protects identities and mitigates fraud without sacrificing user experience. Founded in 2001, AuthenticID has deep domain expertise in verifying government-issued identification documents with the market’s most powerful, next-generation, automated AI platform for fraud detection and identity verification. AuthenticID’s patented platform is used by the world’s leading financial services firms, wireless carriers, and identity verification platforms. The company is headquartered in Seattle, Washington. For more information please visit: www.authenticid.co.
About Long Ridge
Founded in 2007, Long Ridge Equity Partners is a private investment firm focused on the financial and business technology sectors. Leveraging deep sector knowledge and an extensive network of industry resources, Long Ridge serves as a value–added partner to high–growth businesses. Since its founding, Long Ridge’s principals have sponsored some of the most successful growth companies in the financial and business technology sectors, providing leading management teams with partnership, strategic resources, and capital to drive profitable expansion. Long Ridge manages over $1 billion of committed capital. For more information on Long Ridge Equity Partners, please visit www.long-ridge.com.