OCR Labs Raises €12.5M Series A to Launch its Digital ID Verification Solution in the UK
by Startacus Admin
Digital ID verification startup OCR Labs secures major investment to support further technology innovation and expand its operations in UK and Turkish markets
Fab news from OCR Labs with the announcement of a €12.5M Series A round led by Turkish investors the Oyak Group, to expand its services and team to the UK and Turkish markets. The Australian founded company is viewed as a world leader in the digital ID verification space, solving major challenges including identity fraud and regulatory compliance, using its proprietary technology.
OCR Labs Founders Daniel Aiello and Matthew Adams wanted to create a product that streamlined customer onboarding whilst protecting organisations against the increasing risk of fraud and identity theft. They wanted to build a fully automated process, removing the need for people in the process, to speed up verification and help conversion.
The company launched in Australia and New Zealand in 2018 and has been adopted by organisations both in highly-regulated industries such as banking, finance, insurance and government, as well as commercial entities including telco, ecommerce and real estate. The company has experienced triple digit growth in Australia since launch.
Daniel Aiello, Co-Founder and CPO of OCR Labs, commented, “The need for digital verification is growing exponentially. This past year we’ve seen more demand from new sectors as they try to navigate the pandemic and an inability to operate in-person. No-one wants to spend hours trying to prove who they are, whether it’s for a job or for a bank account, and we also want to know we’re protected against identity theft and fraud. OCR Labs is built to be secure, frictionless and fast, and capable of recognising ID documents the world over. We’re incredibly excited to expand our team in the UK and Turkey, collaborating with our new investors, to help more enterprises solve the problem of identity verification using our solution.”
The Series A investment from Oyak Group will be used to invest in technology innovation in order to scale OCR Labs into the UK and Turkish markets and grow its team in both London and Istanbul. The company already has a growing team in the UK where they have established their International HQ, and plans to double their presence this year.
Exciting times ahead for this innovative startup!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
In London later this week and interested in learning how AI can help startups scale? Book your ticket now for this free event from Women in AI featuring a panel of industry experts discussing just that.
The latest Funding Review from TechIreland reveals that Irish Startups raised €746M in the first-half 2022 but early-stage rounds have dropped to a five-year low.
London-based SaaS startup Evorra has created a data marketplace enabling brands and agencies to build and scale their marketing audiences.
Artist John Kerr set to exhibit a series of personal paintings at The Spot, the urban-art focused gallery in Derry as part of Culture Night 2022.
The lowdown on customer behaviour analysis - what it's all about, the kinds of things that can have an impact on it and how to get it right.
.png)
The innovative businesses participating in this year’s AI Accelerator, delivered by The University of Edinburgh’s Innovation Hub for Data Science and Artificial Intelligence, the Bayes Centre are revealed.
Edinburgh-based startup SmpliCare innovating how we care and age by exploring the use of AI-driven wearables to predict the risk of falls and other age-related health issues
The lowdown on Haystack, the data insights and careers marketplace, connecting developers, designers and data scientists with innovative tech employers.
Remote working with a difference - Jarvo is a startup enabling homeowners to share workspaces within their neighbourhood which remote professionals can book out by the day.
The lowdown on Ryft, the London-based fintech and its innovative next day payout system for marketplace businesses and their merchants.
Published on: 16th June 2021
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- TechIreland publish their mid-year report on Irish startup and tech funding. 22nd Sep 2022 The latest Funding Review from TechIreland reveals that Irish Startups raised €746M in the first-half 2022 but early-stage rounds have dropped to a five-year low.
- University AI Accelerator programme announces new cohort companies 15th Sep 2022 The innovative businesses participating in this year’s AI Accelerator, delivered by The University of Edinburgh’s Innovation Hub for Data Science and Artificial Intelligence, the Bayes Centre are revealed.
- New event connects Scottish scaleups with Global Investor community 13th Sep 2022 New business event Invest2Scale aims to support Scottish scaleups by introducing them to investors and VCs based across the UK and beyond.
- Next generation body armour startup Vikela Armour named winner of INVENT 2022 2nd Sep 2022 Vikela Armour announced as the overall winners of INVENT, a leading Northern Irish competition for innovative startups.
