OCR Labs Secures $30 Million Series B
by Startacus Admin
Further investment success for OCR Labs; a technology leader in the digital identity verification space to help bolster international growth.
Great news for OCR Labs with the announcement that the company has raised a $30 million in a Series B round, led by Equable Capital.
Viewed as a technology leader in the digital identity verification space, OCR solves major challenges including identity fraud and regulatory compliance, using its proprietary technology. The end-to-end solution supports Anti Money Laundering (AML) and Know Your Customer (KYC) regulations and improves customer identity verification while reducing fraud.
Over the past 12 months the business has achieved a 500 percent increase in new clients and tripled the size of its team, with customers from a wide range of sectors including government, finance, insurance, wireless carriers and more, and include Cognito, recently acquired by Plaid, Zip, Virgin Money, and CoinMetro.
OCR Labs is the only provider with unique deep learning engines that allows it to control the entire identity verification flow without human intervention. The founders invested in developing this technology after identifying issues in the market that included the use of document templates and higher error rates with different skin tones from existing solutions.
Since announcing its Series A last year, OCR Labs has continued to scale into the UK and European markets. As part of its Series B, it is bolstering its international growth with a new office in North America, a direct sales force, and hiring a global Chief Revenue Officer. Already they have raised $46M through its combined Series A and B. Previous investors include OYAK and Halkin Ventures.
John Myers, CEO of OCR commented, “2021 was an incredible year for OCR Labs, with continued validation from customers who have chosen us as their provider for online digital identity verification. This investment provides us with the capital to continue our growth while bringing a value-added investor on to our board. Our vision remains unchanged: we strive to be the leading technology provider of digital identity verification, globally. The market opportunity continues to grow, and with our expansion in the US, and investment in our global sales effort, we’re in a phenomenal position to grow our customer base.“
The company's fully automated solution removes the need for human intervention, speeding up identity verification and improving accuracy while ensuring customers have a smooth and seamless identity verification experience. Its proprietary technology is an accredited, biometric solution that combines optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face matching.
Commenting on the news, Jonathan Smidt, Founder of Equable Capital said, “Our investment in OCR Labs was the culmination of a lot of work to find the leading provider of identity verification using identity documents and facial matching. OCR Labs’ solution has the highest accuracy and lowest error rates while protecting customer data and privacy and meeting the highest third-party testing and accreditations standards.”
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Published on: 23rd February 2022
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