附近上门

San Francisco-based raised a $220 million Series B funding round, giving the company a $1.25 billion valuation鈥攍ess than seven months after its $25 million Series A round.

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The round was led by and , with additional investment from , , and others. In total the company has raised approximately $257 million to date, according to 附近上门 data.

Incode is one of several companies trying to eliminate the hassles of real-life verification for things like online banking and e-commerce. The company鈥檚 AI-based digital identity platform uses biometrics and automated document verification to help facilitate verification of customers.

鈥淲e are reinventing the customer experience,鈥� said , founder and CEO of Incode Technologies.

A different path

Before Incode was a unicorn, it started life as a photo-sharing app. However, the company developed an automated platform that used facial recognition and in 2018 saw a larger market in the identity management and authentication space.

The timing seemingly worked out for Incode, as real life identity management solutions have seen an increase in interest as more people moved their banking, buying and health needs online in the last two years due to the pandemic.

鈥淐OVID really accelerated everything,鈥� Amper said.

The 100-person company decided to raise the large round after seeing increased traction this year鈥攇rowing revenue 6x this year compared to last. That growth helped attract increasing investor interest.

鈥淲e have followed Incode for several years as the team has built a differentiated platform鈥搖nderpinned by proprietary technology鈥揳nd achieved strong traction and commercial success,鈥� said , co-president, managing director and head of Latin America at General Atlantic.

鈥淲e see exciting potential for Incode鈥檚 technology stack to further expand beyond the onboarding and authentication of customers into a myriad of other use cases and industries,鈥� he added.

The authentication and identity space has exploded in recent years, and Incode faces competition from the likes of and , Amper said. However, Amper expects the identity market to grow to about $60 billion in the next two to three years, and without a large company currently dominating the space he sees room to grow and become a 鈥�-sized鈥� company.

鈥淚 think there will be one or two or three winners in this space,鈥� he said. 鈥淲e can definitely be one.鈥�

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