US-based Socure, an identity verification startup based on machine learning and artificial intelligence, raised USD 450 million on 9th November.
Investors: Accel led the Series E round alongside T. Rowe Price Associates, Inc. Two new investors have also joined Bain Capital Ventures and Tiger Global, along with Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.
Purpose of funding: The funds primarily focus on product innovation and attracting and retaining the world’s best data scientists, engineers, and product teams. Additionally, Socure will be able to enhance the scale and intelligence of its customer database. Nevertheless, Socure ID+ has been improved to prevent third-party and synthetic fraud and first-party and payment fraud.
About Socure
Founded in 2012 by Johnny Ayers and Sunil Madhu, Socure is located in New York, NY. Socure is a platform that uses next-generation technology to verify digital identities. Artificial intelligence and machine learning techniques are applied to its predictive analytics platform to verify identities in real-time. For enterprises of all sizes, Socure ID+ has become their preferred identity verification and fraud prevention platform. Moreover, in telehealth, gaming, e-commerce marketplaces, and the public sector, the company is accelerating its market leadership.
What the founder has to say
“When you’re a market leader, you move from attacking and replacing the incumbents repeatedly as you earn your seat at the table to truly being a strategic partner to many of the best companies in the world. With this additional capital, we will substantially increase our level of commercial velocity and intensity in solving complex customer and societal problems, while maintaining our Day 0 founder’s mentality and continuing to attract the market’s best product, data science, and engineering minds to join our already incredibly talented team. We will remain laser focused on our mission to verify 100% of good identities and eliminate fraud on the Internet while holding ourselves to the highest quality standards and cementing Socure as the top performing company in the industry,” Johnny Ayers, Founder and CEO at Socure.
What the investors have to say
“Every team building a digital product faces challenges validating users and security. Socure’s API has quickly become foundational to these teams. The platform has been transformational for the identity market, and we’re excited to further our support of Johnny Ayers and the team,” John Locke, Partner at Accel.
“With its differentiated technology and strong management team, Socure is well-positioned for long-term growth as a leader in identity verification and fraud prevention on the Internet. We believe that the company has the potential to become much larger over time through its ability to develop strategic partnerships with some of the largest financial institutions and a range of companies across other industries, and we are pleased to express our conviction with this investment,” Andrew Davis, Director of Private Investments at T. Rowe Price Associates, Inc.
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