At a Glance
OCR Labs, an Australian digital id verification company, has raised $15M (€12.5 million) in Series A funding led by Oyak Group amid growing demand for digital id verification. Reports state that the ID verification market is expected to be worth $15.8 billion by 2025. OCR Labs will use the proceeds in expansion
Sydney-based OCR Labs has announced its raise of €12.5 million, roughly $15 million in Series A funding round led by the Turkish Investors, Oyak Group, reports state. The company plans to use the proceeds to expand its services in the UK and Turkish markets, innovate technology, and strengthen its team in London and Istanbul.
On its LinkedIn handle, the company announced the fundraising. It said that it was looking forward to helping customers across Europe with its fully automated end-to-end ID verification technology.
Launched in 2018 in Australia and New Zealand, OCR Labs specializes in the digital ID verification space and solves significant challenges, including identity fraud and regulatory compliance through its proprietary technology. According to reports, the technology, built on six years of research, is an accredited biometric solution, which provides customers a fast and frictionless digital identity verification experience.
The technology offers features such as identity document optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face detection/matching, and supports Anti Money Laundering (AML) and Know Your Customer (KYC) regulations to mitigate fraud.
According to Daniel Aiello, co-Founder and CPO of OCR Labs, the need for digital verification has been growing. He stated that due to the pandemic, OCR Labs has been seeing a rise in demands from new sectors and added,
Digital ID verification has a key role to play, but this year we’ve also seen the limitations if hybrid models are used. People are a barrier and a risk, but fully automated technology can greatly impact many industries and privacy. OCR Labs is built to be secure, frictionless and fast, and capable of recognizing ID documents the world overDaniel Aiello, co-Founder and CPO of OCR Labs
Adiel Jacobs, director at Halkin Business Partners, which had aided OCR Labs in its seed round, stated that it was excited to support OCR Labs in its venture by helping it lead digital identity verification solutions internationally. Stressing that Halkin’s collaboration with OCR Labs will form a crucial part of revolutionizing remote identity verification, Mr. Jacobs added,
With regulatory frameworks and customer onboarding advancing in both traditional and the non-traditional markets, we foresee the adoption of fully automated identity verification as a game-changer for user experience and business growth.Adiel Jacobs, director at Halkin Business Partners