The identity verification sector continues to attract significant investment, with two recent funding rounds highlighting the growing demand for secure and efficient solutions in this space.
TLDR
- Data Zoo, an identity verification solutions provider, raised $22.7 million in Series A funding led by Ellerston JAADE.
- The company plans to use the funds to drive broader adoption of its identity verification technology, which leverages authoritative data from over 170 countries.
- Data Zoo’s technology aims to reduce dropout rates, lower costs, and boost customer approval rates while prioritizing data protection and privacy.
- OCR Labs, an Australian ID verification startup, raised $15 million in a Series A round led by Turkish investors Oyak Group to expand into the UK, Turkey, and Europe.
- OCR Labs’ technology uses proprietary technologies for identity document OCR, fraud assessment, liveness detection, and face matching to support AML and KYC regulations.
Australian startup Data Zoo has secured $22.7 million (AU$35 million) in a Series A funding round led by Ellerston JAADE, an Ellerston Capital fund.
The company, founded in 2011, plans to use the capital to drive broader adoption of its identity verification technology, which leverages direct access to authoritative data from more than 170 countries and advanced, logic-driven data sequencing.
Data Zoo’s technology aims to automatically verify identities based on the next best source, reducing dropout rates, lowering the total cost of ownership, and helping businesses boost customer approval rates and revenue realization. The company prioritizes data protection and privacy by eliminating identity data storage, setting it apart from competitors in the crowded field of identity verification innovators.
With partners such as eToro, MoneyGram, and Experian, Data Zoo is well-positioned to expand its footprint in key markets and enter new strategic partnerships. The appointment of former London Stock Exchange executive Charlie Minutella as its new CEO earlier this year further underscores the company’s growth ambitions.
Another Australian ID verification startup, OCR Labs, has raised $15 million in a Series A funding round led by Turkish investors Oyak Group.
The company, founded in 2018, specializes in digital ID verification, customer onboarding, identity fraud, and regulatory compliance. OCR Labs plans to use the funds to expand its services and team to the UK, Turkey, and Europe.
OCR Labs’ technology utilizes five proprietary technologies in one solution, including identity document optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face matching.
This comprehensive approach supports Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, making it an attractive solution for businesses navigating the complexities of digital identity verification.
Driven by factors such as the gig economy and the need for remote onboarding, startups like Data Zoo and OCR Labs are well-positioned to capitalize on this trend.
With fresh funding and ambitious expansion plans, these companies are poised to make a significant impact in the global identity verification market.
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