Incode Brings in $25 Million in Series A Funding

Incode Technologies will be looking to expand after bringing in $25 million in Series A funding. The round was led by DN Capital and 3L Capital, with additional contributions from Framework Ventures, Walter Ventures, FJ Labs, and DILA Capital.

Incode plans to use the funds to further the development of its technology to provide customers with secure biometric authentication at scale. The company will also try to triple the size of its workforce in Europe and North America.

According to Incode, the cash will help meet the growing demand for secure remote onboarding solutions in the wake of COVID-19. The company has quadrupled both its revenue and its customer base in the past 12 months, making it one of several identity providers that has enjoyed breakthrough success during the pandemic.

“Consumer expectations regarding digital identity have shifted dramatically,” said Incode Founder and CEO Ricardo Amper. “Self-service, contactless experiences are the preferred channel for everything from opening a bank account to checking into a hotel room.”

Incode is best known as a developer of biometric identity verification technology. The company’s proprietary solution has a number of potential applications, ranging from mobile onboarding to follow-up authentication across multiple channels. The solution is fully automated, with no human review in its standard onboarding and verification process, and uses iBeta-certified passive liveness technology to prevent spoofing.

“Incode is DN Capital’s largest series A investment to date,” said DN Capital Partner Thomas Rubens. “The explosive adoption of their technology and the market opportunity made it an easy decision to partner with them during this next phase of growth.”

Customers can integrate Incode’s solution with user-friendly SDKs and APIs that are priced to meet an organization’s specific needs. In that regard, Incode noted that it does not pass on third-party licensing fees, and instead delivers its own technology directly to clients.

Incode brought in $10 million in a funding round back in 2019. The company has since introduced a new HealthID solution to help maintain safe workplaces during the pandemic.

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March 24, 2021 – by Eric Weiss