The State of Third-Party Insurance Verification – Research Report
May 9, 2019
ATLANTA–(BUSINESS WIRE)–Evident ID, Inc., the revolutionary platform that powers identity and credential verification for many of the world’s fastest-growing companies, has raised $20 million in a Series B financing led by Aspect Ventures; with participation from existing investors New Enterprise Associates (NEA) and Internet Security Systems founder Tom Noonan; as well as new investor Blue Cloud Ventures. The financing will enable Evident to broaden its existing, robust technical infrastructure including deepening its investment in AI and machine learning, computer vision, and facial recognition technologies. Evident will also expand its team to meet the explosive demand for identity verification as enterprises increasingly rely on efficient, remote onboarding.
Evident’s 300% YoY customer growth and comprehensive identity verification solution were key drivers for investor participation. Unlike existing solutions, Evident verifies identity holistically, encompassing both online and offline factors such as business licenses, biometrics, insurance, criminal history, and more. The platform allows businesses to easily implement step-up and continuous identity verification techniques, a key consideration given the increasing amount of fraudulent activity online. Evident enables companies to confidently know who they are registering, hiring, onboarding or verifying for a wide variety of applications while leveraging end-to-end cryptography and machine learning to meet increasingly strict privacy requirements.
“Increasing data privacy regulation, data breaches, and online-offline interactions facilitated via the internet require companies to become arbiters of trust. To reliably fulfill that role, they are seeking solutions to verify personal information for their stakeholders without having to handle personal data themselves,” said Lauren Kolodny, Partner at Aspect Ventures. “Evident is helping businesses verify identity and a wide range of credentials with less friction today – and they’re on the way to building the identity platform for the internet.”
“Evident is solving the most complex identification problems for high-volume businesses with sensitive applications by verifying millions of attributes in a secure and efficient way,” said David Thomas, CEO of Evident. “With this new infusion of capital, we can scale to meet the increasing demands of current customers and marketplaces, as well as continue to grow in additional markets and industries including insurance, healthcare and financial services.”
“Identity verification has never been more important, especially as businesses consider the conflict of mitigating fraud while prioritizing growth and streamlined user experiences,” said Vanessa Larco, Partner at NEA. “Evident is solving these crucial challenges while maintaining the highest standards of privacy and security. Their ongoing market penetration combined with the strength and extensibility of their platform addresses key issues that all businesses are trying to solve.”
Evident is revolutionizing the way personal data is shared. Evident’s simple, secure Identity Assurance Platform lets businesses confidently know who they are dealing with without handling sensitive personal data. With connections to thousands of authoritative sources through a single API, Evident is the only platform that enables comprehensive, accurate, and up-to-date identity and credential verifications without the risk and liability of holding personal information. For more information, visit www.evidentid.com.