Globalidentityveri�cationproviderOn�dotodayannouncedthatit’sraised$50millionin

fundingledbySoftbankInvestmentandSalesforceVentures,withparticipationfromM12

(formerlyMicrosoftVentures),FinVC,andothers.ItbringstheSanFranciscocompany’stotal

venturecapitalraisedtoover$100million,followinga$30millionseriesCinSeptember

2017anda$25millionraiseinApril2016,andwillbeusedto“accelerate”itsproduct

developmentandexpansionintoEuropeandSoutheastAsia.

“We’reseeingnewdatabreachesoccureveryday,resultinginmillionsofpeople’sprivate

dataendinguponthedarkweb,”saidCEOandcofounderHusaynKassai.“Withthisnew

funding,wecanprotectmorebusinesses,inmorecountries—andinmoreways—from

thee�ectsoffraud.”

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BUSINESS

On�doraises$50millionforAI-poweredidentityveri�cationKYLEWIGGERS @KYLE_L_WIGGERS APRIL3,20195:00AM

Above:On�do:IDChecking

On�do—whichwasfoundedin2012bythreeOxfordUniversitygraduateswhoobserved

thatbackgroundcheckswerelargelydonemanuallyandwerethereforepronetohuman

error—developsasoftware-as-a-service(SaaS)platformthattapsAItoperform

backgroundchecksonwould-beemployeesateachstageofthehiringandrecruitment

process.Itinitiallytargetedon-demandbusinessesandcontractworkers,butgradually

expandedinscopeto�nancialservicesandecommerce—speci�callyidentitychecksfor

businessinthoseverticals.

Here’showitworks:EmployeesforOn�do’smorethan1,500customers(amongthem

Handy,WorkMarket,Turo,BlaBlaCar,Square,Revolut,Indiegogo,Bitstamp,Orange,Remitly,

andZipcar)snapasel�eandapictureoftheirpassport,driver’slicense,identitycard,orone

of600otherformsofidenti�cation.Theyperformalivenesscheckbyfollowingon-screen

instructionsinvolvingoneofseveralactions(likeblinking,sayingasequenceofnumbers,or

smiling),andthen,usingopticalcharacterrecognition,facialbiometrics,criminalrecords,

drivingmisdemeanorsrecords,andotherchecks,On�dospitsoutariskreportindicatingits

con�denceintheperson’sidentity.

NOWPLAYINGNOWPLAYING

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Above:On�doDashboard:Jobapplications

On�doclaimsthatitsAI-drivenplatformcanautomatebackgroundchecksinsecondsacross

192countries,thoughitalsoleansonhumans“toverifyoutliers.”Anditsaysthatitssolution

complieswithKnowYourCustomer(KYC)andAnti-MoneyLaundering(AML)regulations,

helpingittoachievefraudexposureratesaslittleas0.19percent.

“Therehasneverbeenamoreimportanttimeforcompaniestobuildtrustwiththeir

customersbyshowingtheyareonestepaheadoffraudsters,”saidformervicechairmanof

SalesforceFrankvanVeenendaal,whowilljoinOn�do’sboardofdirectors.“IbelieveOn�do

hastheuniqueopportunitytotransformthedigitalidentitymarketanddeliverrobustand

scalableauthentication-as-a-service,similartohowSalesforcetransformedcustomer

relationshipmanagement.”

Othercompaniesoccupyingthenearly$22.68billionidentityveri�cationspaceincludeSan

Francisco-basedCheckr,whichraised$100millioninApril2018.Microsoftleda$10million

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