[Funding Alert] Veri5Digital raises $2 million in Series A round from Khosla Ventures
Veri5Digital, the Bengaluru-based identity verification and user on-boarding company, has raised $2 million in its Series A round. California-based VC firm Khosla Ventures participated in the round. The VC firm manages over $5 billion in its assets.
Veri5Digital was started by Saru Tumuluri in 2016, as an entrepreneur in residence (EIR) at Khosla Labs, in an attempt to build identity technology around Aadhaar’s digital signatures, KYC, and video KYCs. The company solves issues around KYC and identity using deep tech like Artificial Intelligence (AI).
The company will utilise this capital to scale its identity solutions for the Indian market and also build new identity and Digital India related products and services. Additionally, the company is set to launch its identity related products in the US and Asia markets.
Veri5Digital provides identity and other IndiaStack solutions like enterprise SaaS platform, with plug-n-play SDKs and APIs.
With a revamped brand identity and an expanded suite of products, the startup is attempting to meet the needs of the $20 billion digital identity industry globally.
Vinod Khosla, Founder of Khosla Ventures, said,
“Identity is a key underlying infrastructure that drives digital transactions globally. It is possible to not only deliver high assurance identity verification, but also maintain the privacy of every individual. Veri5Digital has built innovative AI solutions around KYC and authentication, which address the online, digital identity needs of companies globally."
Speaking on the funding, CEO Saru Tumuluri said,
“The new digital service economies, be it P2P services like Ola/OYO, ecommerce companies like Amazon/Flipkart delivering goods, or job sites like Teamlease/Quess all have a common challenge - how does one build trust between strangers, like a delivery boy and a customer at home, in a digital economy?"
A recent McKinsey report says that the identity management domain is growing at 20 percent y-o-y. Veri5Digital competes with Yoti and eMudhra. In India, the startup works with five digital identities - PAN, Aadhaar, driving license, passport, and voter ID.
(Edited by Saheli Sen Gupta)