Press release

Evident Raises $20 Million for Secure, AI-Powered Identity Verification

Sponsored by Businesswire

Evident ID, Inc., the revolutionary platform that powers identity and
credential verification for many of the world’s fastest-growing
companies, has raised $20 million in a Series B financing led by Aspect
Ventures; with participation from existing investors New Enterprise
Associates (NEA) and Internet Security Systems founder Tom Noonan; as
well as new investor Blue Cloud Ventures. The financing will enable
Evident to broaden its existing, robust technical infrastructure
including deepening its investment in AI and machine learning, computer
vision, and facial recognition technologies. Evident will also expand
its team to meet the explosive demand for identity verification as
enterprises increasingly rely on efficient, remote onboarding.

Evident’s 300% YoY customer growth and comprehensive identity
verification solution were key drivers for investor participation.
Unlike existing solutions, Evident verifies identity holistically,
encompassing both online and offline factors such as business licenses,
biometrics, insurance, criminal history, and more. The platform allows
businesses to easily implement step-up and continuous identity
verification techniques, a key consideration given the increasing amount
of fraudulent activity online. Evident enables companies to confidently
know who they are registering, hiring, onboarding or verifying for a
wide variety of applications while leveraging end-to-end cryptography
and machine learning to meet increasingly strict privacy requirements.

“Increasing data privacy regulation, data breaches, and online-offline
interactions facilitated via the internet require companies to become
arbiters of trust. To reliably fulfill that role, they are seeking
solutions to verify personal information for their stakeholders without
having to handle personal data themselves,” said Lauren Kolodny, Partner
at Aspect Ventures. “Evident is helping businesses verify identity and a
wide range of credentials with less friction today – and they’re on the
way to building the identity platform for the internet.”

“Evident is solving the most complex identification problems for
high-volume businesses with sensitive applications by verifying millions
of attributes in a secure and efficient way,” said David Thomas, CEO of
Evident. “With this new infusion of capital, we can scale to meet the
increasing demands of current customers and marketplaces, as well as
continue to grow in additional markets and industries including
insurance, healthcare and financial services.”

“Identity verification has never been more important, especially as
businesses consider the conflict of mitigating fraud while prioritizing
growth and streamlined user experiences,” said Vanessa Larco, Partner at
NEA. “Evident is solving these crucial challenges while maintaining the
highest standards of privacy and security. Their ongoing market
penetration combined with the strength and extensibility of their
platform addresses key issues that all businesses are trying to solve.”

About Evident

Evident is revolutionizing the way personal data is shared. Evident’s
simple, secure Identity Assurance Platform lets businesses confidently
know who they are dealing with without handling sensitive personal data.
With connections to thousands of authoritative sources through a single
API, Evident is the only platform that enables comprehensive, accurate,
and up-to-date identity and credential verifications without the risk
and liability of holding personal information. For more information,