Authentication solutions firm Veridium has closed its Series B funding round of $16.5 million. The investment round was led by UK entrepreneur and philanthropist, Michael Spencer, with participation from Citrix Systems, Inc. and financial services executive and investor Michael Powell.The Series B financing enables Veridium 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. Additionally, to meet customer demand, the company plans to scale its sales and marketing infrastructure across the Americas, Europe and Asia to further build its leadership in strong authentication solutions using biometrics.Veridium is transforming authentication within identity access management through a complete software-only biometrics platform. Using Veridium's technology, users can replace passwords, tokens, OTPs or swipe cards with multiple biometrics from their smart phone, including: native device sensors such as face and fingerprint, and Veridium's 4 Fingers TouchlessID. The result is increased security, improved convenience and user experience; all while reducing fraud at a lower total cost of ownership than traditional multi-factor authentication (MFA) solutions.”In today's digital age, global organizations are challenged to secure their most critical assets against advanced threats in a way that's both convenient and secure,” said Michael Spencer. “Veridium 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.”Currently, Veridium has customers across the globe spanning multiple industries. Most recently the company has added several of the world's largest financial services organizations. In May, the company announced that a multinational Swiss bank selected Veridium to replace passwords, tokens and swipe cards, validating the need for stronger more user-friendly authentication processes.”Deploying biometric authentication is a clear win for financial service organizations,” said Michael Powell. “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 Spencer, who is the Group Chief Executive Officer of NEX Group, which is in the process of being acquired by CME Group for $5.5 billion, will be joining Veridium's board of directors along with Michael Powell and Citrix.
Veridium closes $16.5m series B funding round
