By Daniel Webster, dWeb.News
SEATTLE– (BUSINESS WIRE)-AuthenticID, a leading provider of Identity Proofing solutions to large enterprises, announced that it closed a $100 million minority equity investment from Long Ridge Equity Partners. Long Ridge Equity Partners is a technology-focused growth equity company. The investment will allow AuthenticID to expand its reach in the telecommunications, financial and government sectors, as well as enabling AuthenticID to develop new digital identity platforms.
AuthenticID offers identity proofing solutions for leading enterprises, including some the country’s biggest telecom carriers and financial institutions. The solution powers many of the most popular digital identity platforms worldwide. AuthenticID offers document-centric identity verification via the only 100% automated identity proofing platform. This platform produces the industry’s highest accuracy rates, and the fastest processing times. AuthenticID’s Artificial Intelligence-based offering, which is based on Artificial Intelligence, is used to eliminate fraud and increase conversions for the majority of US wireless carriers.
The market for Identity Proofing continues to grow rapidly, driven by the shift to digital customer onboarding, increasing fraud levels, and the need to establish identity remotely. This investment will enable the development of solutions that can be used for extended identity verification. The Company will also be able to innovate and address the ever-changing digital identity and verification issues with automated solutions.
Jeff S. Jani CEO of AuthenticID stated that “our platform is relied on by a majority US wireless carriers and other identity platforms to securely establish identification.” “Our unique advantage is the significant ROI that we deliver to our customers, from stopping fraud to converting more business than our digital identity competitors. Our mission is to improve security for all our collective identities.
Jim Brown, Founder & Managing Partner of Long Ridge, stated that AuthenticID’s automated approach for Identity Proofing delivers best-in-class results to their clients, especially when compared with manual and hybrid solutions. “The shift to digital onboarding is rapidly increasing, and AuthenticID can help global enterprises establish identity and reduce fraud. We are thrilled to partner with AuthenticID in supporting their vision of securing identities around the world.
Blair Cohen, Founder of AuthenticID, stated that this investment is a significant milestone in AuthenticID’s growth. “This investment will drive research, development, go to market, and market awareness activities that will take AuthenticID to the next level.”
Union Square Advisors LLC was the exclusive financial advisor, and DLA Piper was the legal counsel to AuthenticID. Long Ridge Equity Partners was represented by Choate, Hall, & Stewart LLP.
AuthenticID is a leader in the Identity Proofing & Verification space. AuthenticID’s fully automated solution protects identities and reduces fraud without compromising user experience. AuthenticID was founded in 2001 and has extensive domain expertise in the verification of government-issued identification documents. AuthenticID’s next-generation, automated AI platform is the most powerful on the market for fraud detection and identity verification. The patented platform of AuthenticID is used by some of the most prominent financial services firms, wireless carriers, as well as identity verification platforms around the globe. The company’s headquarters are in Seattle, Washington. Visit http://www.authenticid.co for more information.
About Long Ridge
Long Ridge Equity Partners was founded in 2007 and is a private investment company that focuses on the financial and technology sectors. Long Ridge is a valued partner for high-growth companies by leveraging its sector knowledge and extensive industry network. Long Ridge’s principals have supported some of the most successful growth companies within the financial and technology sectors. They provide strategic resources, capital, partnership and capital to support profitable expansion. Long Ridge has more than $1 billion in committed capital. Long Ridge Equity Partners is available at http://www.longridge.com.
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