Vouched, a Seattle startup that helps firms confirm identification, raised $6.3 million.
The funding spherical was led by BHG VC and SpringRock Ventures in addition to prior buyers Darrell Cavens and Mark Vadon, co-founders of e-commerce large Zulily.
The 30-employee firm was spun out of Madrona Enterprise Labs, the accelerator based mostly at Madrona Enterprise Group in Seattle, and now serves greater than 300 banks, fintech firms and healthcare suppliers.
Vouched’s software program analyzes photos of picture identification paperwork together with passports and driver’s licenses. The expertise compares a person’s selfie to verify identification. It additionally examines textual content reminiscent of addresses. The concept is to supply fraud detection of an individual in real-time.
Clients embrace Hims Well being and Alloy, which helps monetary firms make fraud, credit score and compliance selections.
“We look ahead to enhancing the worth of our identification verification platform to the healthcare market, and making certain we stay a trusted partner-of-choice for companies in extremely regulated markets,” mentioned CEO John Baird in an announcement Monday asserting the brand new funding.
Baird, a former Blue Nile and WE Communications govt, based Vouched in 2018 with John Cao, who left the corporate in 2021.
Different startups deploying ID verification expertise embrace Eugene, Ore.-based SheerID, Vancouver, B.C.-based Trulioo, Seattle-based AuthenticID, which raised $100 million in 2021, and OCR Labs.
Vouched differentiates from opponents with proprietary AI fashions that assist establish greater than 99% of identified fraud instances, in keeping with a spokesperson. The brand new funding brings the overall raised by the startup to greater than $18 million.
Cavens was CEO of Zulily, which offered to QVC dad or mum Liberty Interactive for $2.4 billion in 2015. Vadon additionally based Blue Nile and served as chairman of on-line pet merchandise retailer Chewy. He was CEO of a “clean examine firm” that raised $300 million however didn’t discover a merger accomplice.
Cavens and Vadon have additionally invested collectively in one other Seattle startup, Rad Energy Bikes.