Investment will drive innovation and accelerate development of biometric authentication technology and expand global reach
QUINCY, Mass. – June 29, 2018 – Veridium, a leader in strong authentication solutions using biometrics instead of passwords and tokens, today announced that it has closed its Series B funding round of $16.5 million. The investment round was led by UK entrepreneur and philanthropist, Michael Spencer, with participation from Citrix Systems, Inc. and financial services executive and investor Michael Powell.
The Series B financing enables Veridium to continue to drive innovation and accelerate the product development for its comprehensive authentication platform using a suite of biometrics including face, fingerprint, and behavioral. Additionally, to meet customer demand, the company plans to scale its sales and marketing infrastructure across the Americas, Europe and Asia to further build its leadership in strong authentication solutions using biometrics.
Veridium is transforming authentication within identity access management through a complete software-only biometrics platform. Using Veridium’s technology, users can replace passwords, tokens, OTPs or swipe cards with multiple biometrics from their smartphone, including: native device sensors such as face and fingerprint, and Veridium’s 4 Fingers TouchlessID. The result is increased security, improved convenience and user experience; all while reducing fraud at a lower total cost of ownership than traditional multi factor authentication (MFA) solutions.
“In today’s digital age, global organizations are challenged to secure their most critical assets against advanced threats in a way that’s both convenient and secure,” said Michael Spencer. “Veridium is unique in the industry because it provides organizations with an enterprise-ready authentication solution to address those problems with the adoption of biometrics – while increasing security and convenience.”
Currently, Veridium has customers across the globe, spanning multiple industries. Most recently the company has added several of the world’s largest financial services organizations. In May, the company announced that a multinational Swiss bank selected Veridium to replace passwords, tokens and swipe cards, validating the need for stronger more user-friendly authentication processes.
“Deploying biometric authentication is a clear win for financial service organizations,” said Michael Powell. “Organizations continue to see the benefits of biometric authentication, including simplifying and securing the login process and identifying with precision who you are dealing with.”
Michael Spencer, who is the Group Chief Executive Officer of NEX Group, which is in the process of being acquired by CME Group for $5.5 billion, will be joining Veridium’s board of directors along with Michael Powell and Citrix.
“We are delighted to have the support of Michael Spencer, Michael Powell and Citrix to continue our journey to build best-in-class biometric authentication solutions,” said James Stickland, CEO, Veridium. “With the financing, we’re committed to continue driving innovation of our biometric authentication solutions while driving global scalability to meet customer needs.”
As demand dramatically increases for better enterprise security, Veridium is disrupting the traditional authentication model with its full suite of biometric technology including the world’s first patented multi-finger contactless biometric authentication system, 4 Fingers TouchlessID. The company’s current product portfolio includes:
- VeridiumID Platform: The company’s software-only platform for biometric authentication that works in conjunction with a front-end mobile SDK, allowing organizations to embed biometrics including face, fingerprint, 4 Fingers TouchlessID and behavioral, all within a company’s app. For enhanced security, the platform uses visual cryptography to store biometric data between the mobile device and server.
- Broad Platform Support and Integration: Veridium has six enterprise-ready connectors enabling enterprises to eliminate passwords and tokens, replacing them with a software-only biometric authentication solution. Integrations include: Active Directory, Microsoft Azure, Citrix StoreFront, NetScaler, ShareFile and Cloud Services, RADIUS, SAML, OpenID and WSO2.
- Veridium Authenticator App: The company’s recently available enterprise-ready app which enables organizations to deploy biometric authentication to reduce cost while ensuring convenient, fast and secure identity verification. The app is available for download on Apple App and Google Play stores.
Veridium is a leader in the development of “strong authentication” solutions using biometrics instead of traditional passwords, PINs, and tokens. Powered by an unmatched legacy of IP and R&D, our software increases security, improves convenience, and reduces fraud at a lower total cost of ownership than traditional multi factor authentication (MFA) solutions. Veridium has offices in the U.S., U.K. and Romania. For additional information, please visit www.veridiumID.com.