StartX-backed UnifyID has agreed to an acquisition by Prove for an undisclosed amount.
UnifyID, a US-based authentication platform developer backed by Stanford University-affiliated Stanford-StartX Fund, has agreed to an acquisition by identity verification technology producer Prove.
Financial terms of the transaction have not been revealed.
UnifyID has built a passive authentication platform that verifies users’ identity through behavioural and environmental biometrics while safeguarding privacy.
Prove will integrate UnifyID’s technology into its own offering to provide multi-factor authentication services, enable passwordless logins, bolster customer support, thwart promotions fraud and reduce the reliance on one-time passcodes.
It will also use the combined offering to help clients comply with the EU’s payment services directive 2 (commonly referred to as PSD2 and branded open banking in the UK) and the strong customer authentication requirement mandated by PSD2.
The company had raised $23.4m in funding before the acquisition. It secured $20m in series A financing from Stanford-StartX Fund, Andreessen Horowitz, Accomplice Ventures and lead investor New Enterprise Associates in 2017.
Stanford-StartX Fund, Andreessen Horowitz and Accomplice Ventures had already supplied a total of $3.4m in seed funding previously.
