Tel Aviv-based Identiq, the world's first Anonymous Identity Validation Network, has completed a Series A funding round of $47 million, the company announced Wednesday.
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Identiq's proprietary technology compares a new user's details against identities already trusted by other network members, offering global organizations an alternative to third-party data providers, which tend to charge a high amount for stale information on user identities.
Currently, Identiq is building the world's largest Identity Validation Network, enabling companies to jointly validate consumer identities, payment details and other sensitive information without sharing or exposing private data.
"Identiq has reached critical mass, and we are excited for the network effect that will continue to accelerate its rapid growth," said Jeff Horing, co-founder of Insight Partners, who will be joining the Identiq board of directors.
Identiq CEO Itay Levy said, "We've proven that privacy is a powerful enabler, with Fortune 500 companies relying on our network to positively identify and validate their users."
