Biometrics tech firm iiDENTIFii has raised $15 million in a growth capital round led by African investment company Arise whose investors include Rabobank Partnerships, Norfund, NorFinance and FMO. Growth-stage private equity firm Sanari Capital and US tech entrepreneur Bill Spruill also partook in the round.
iiDENTIFii claims that its face authentication technology securely authenticates users via their cellphones or PCs within seconds. The firm operates across several industry verticals and boasts high-profile customers including Standard Bank, ABSA Bank, and Investec Bank.
Speaking on the funding round, iiDENTIFii founder and CEO Gur Geva said that the investment validates their central business thesis that they are the preferred partner for enterprise-grade identity in Africa.
“We’re excited to put the investment to work as we close in on our goal of authenticating every face in Africa. With this new funding and the networks of Arise, Sanari, and Bill – we confidently continue our mission of stopping identity theft in Africa,” he added.
For Arise, CEO Gavin Tipper stated, “We are excited about our partnership with iiDENTIFii, which will allow us to offer their unique technology to banks in Sub-Saharan Africa, strengthening digital anti-money laundering practices and advancing financial inclusion.”
iiDENTIFii recently won KPMG’s Tech Innovator in Africa award and will compete for the global title taking place in Lisbon, Portugal in November. It has previously won MTN App of the Year and Microsoft Independent Software Vendor (ISV) Partner of the Year.