Veri5Digital, a Bengaluru-based identity verification and user on-boarding company, has secured $2 million (approx ₹13 crore) in its series A round. While, Khosla Ventures participated in the round.
The company will use the capital to scale its identity solutions for the Indian market and also build new identity and Digital India related products and services.
“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,” Vinod Khosla, founder of Khosla Ventures, said.
Veri5Digital was started by Saru Tumuluri in 206 at Khosla Labs. It was 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).
Veri5Digital provides identity and other IndiaStack solutions like enterprise SaaS platform, with plug-n-play SDKs and APIs.
“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?,” Tumuluri, CEO at Veri5Digital, said.
Furthermore, a recent McKinsey report says that the identity management domain is growing at 20 per cent y-o-y.
Some of the other similar startups under the same roof includes Yoti, eMudhra, and many more.