Biometrics tech firm ID R&D receives $5.7m funding
A New York biometrics technology provider, ID R&D, has raised $5.7 million in Series A funding, reports Jane Connolly.
The round was led by a new investor, GSR Ventures, with participation from an existing investor, Gagarin Capital.
The investment will be used to meet the increasing demand for its artificial intelligence (AI) based voice and behavioural solutions, along with voice and face anti-spoofing technologies. ID R&D will also be using it to add engineering staff and drive international sales.
“What we’ve consistently heard from our customers is that ID R&D’s technologies and solutions stand alone in offering a vastly simplified user experience that doesn’t sacrifice the security of authentication,” says ID R&D CEO, Alexey Khitrov.
The biometric tech provider aims to meet the demand from businesses for conversational interface (CI) and replace existing password and security question-based authentication processes with quicker, simpler voice and facial recognition solutions that require little or no involvement from the user.
The firm’s passive anti-spoofing capabilities are designed to thwart fraudsters who attempt to access accounts using synthesised or recorded voices, or with photos, videos or models of the real user’s face.
“With Grand View Research forecasting the speech and voice recognition market size to reach nearly $32 billion by 2025, businesses are racing to keep up with demand for authentication that works across multiple platforms and is as convenient as it is secure,” adds Khitrov.
ID R&D has seen rapid growth, doubling its sales contracts last year, growing its customer base by 25% in Q1 2019, doubling its staff and opening a West Coast headquarters. The firm also added a major biometric integrator and a semiconductor company.