Veri5Digital, a digital identity verification platform, has raised $2 million (about Rs 14.06 crore at current exchange rates) in its Series A funding round led by the California-based venture capital firm Khosla Ventures.
Bengaluru-based Veri5Digital said in a statement it will use the funding to scale its products for the Indian market and also build new services and digital market-related products.
Veri5Digital, which is incubated by Khosla Labs Pvt. Ltd, said it is also looking to launch its services in the United States and Asian markets.
Khosla Ventures founder Vinod Khosla said Veri5Digital had built artificial intelligence-based know-your-customer (KYC) solutions that would help address the growing need for digital authentication by businesses.
“It is possible to not only deliver high assurance identity verification, but also maintain the privacy of every individual,” Khosla added.
Formerly known as Aadhaar Bridge, Veri5Digital offers products such as document signature service Veri5eSign, payment mandate service Veri5eNach, and KYC solution Veri5KYC Video.
The startup says it helps businesses acquire customers faster, and is compliant with regulations and customisable for each client’s needs, according to its website.
Khosla Ventures, which was founded by Indian-American billionaire venture capitalist Vinod Khosla, says it seeks to address problems with technology-based solutions. According to its website, it backs companies with technological approaches to a market, including entities seeking to enter new markets or disrupt existing ones.
Apart from Veri5Digital, companies in its portfolio include voice-controlled wearable communications device maker Theatro, satellite communications startup Akash Systems, fusion energy technology firm Commonwealth Fusion Systems and cybersecurity products and services company Cylance.