Veridium Brings in $16.5M in Series B Funding Round

“Organizations continue to see the benefits of biometric authentication, including simplifying and securing the login process and identifying with precision who you are dealing with.” – Michael Powell

Veridium has just closed a series-B funding round that brought in $16.5 million, the company has announced.

The round was led by Michael Spencer, a high-profile investment executive, and featured contributions from Citrix Systems, Inc. as well as another investment specialist, Michael Powell. The investors will join Veridium’s Board of Directors.

They were evidently impressed by Veridium’s approach to enterprise security, which revolves around biometric authentication through a standard mobile device. In a statement announcing the investment round’s success, Spencer said the company “is unique in the industry because it provides organizations an enterprise-ready authentication solution to address those problems with the adoption of biometrics – while increasing security and convenience.” Powell added that the use of biometric authentication “is a clear win for financial service organizations,” a key target market for Veridium.

For its part, Veridium’s statement asserted that the financing will allow the company “to continue to drive innovation and accelerate the product development for its comprehensive authentication platform using a suite of biometrics including face, fingerprint, and behavioral.”

The news comes soon after Veridium won a second grant from the Digital Financial Services Lab to develop fingerprint recognition technology that can operate through a standard mobile camera and be used to bring financial inclusion to unbanked and underserved populations.

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July 3, 2018 – by Alex Perala