Microsoft and Salesforce have participated in a series C round for Onfido, an identity verification service also backed by University of Oxford.
Onfido, a UK-based developer of a background and credentials checking service backed by University of Oxford, raised $30m in series C funding yesterday led by Crane Venture Partners.
The round also featured software company Microsoft and cloud computing firm Salesforce, which invested through their respective corporate venturing arms Microsoft Ventures and Salesforce Ventures, as well as existing, unnamed backers.
Founded in 2012, Onfido enables companies to digitally verify a user’s identity by using machine learning to analyse an identification document and comparing it with facial biometrics through a selfie image.
The technology is able to extract data from more than 600 documents, detecting anomalies automatically and sending outliers to staff for manual verification. The platform is used by clients such as digital bank Revolut.
The money will support research and development of machine learning technology and will allow Onfido to cope with demand in the US and other international markets.
Onfido previously obtained an undisclosed sum from Salesforce Ventures, Talis Capital and angel investors Charlie Songhurst and Hank Vigil in August 2016, following a $25m series B round that included Idinvest Partners, Wellington Partners and CrunchFund in April 2016.
Wellington had previously led a $4.5m series A round in 2015, with participation from CrunchFund and assorted angel investors.
In 2014, University of Oxford contributed to a £500,000 (then $800,000) seed round through the Saïd Business School Entrepreneurship Centre’s Seed Fund after Onfido graduated from the software incubator of the institution’s tech transfer office, Oxford University Innovation.
Itxaso del Palacio, investment partner, Microsoft Ventures, said: “Smartphones are pervasive, powerful tools for accelerating the adoption of identity verification processes.
“Onfido’s reliable and scalable intelligent services are helping millions of unbanked people worldwide access financial services by allowing them to open bank accounts, be verified for a job and more with the touch of a button. We are proud to support its efforts with our investment.”