Machine learning-based digital identity verification firm Socure has received an undisclosed strategic investment from Capital One Ventures.
Socure’s predictive analytics platform applies AI and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity and the broader internet to verify identities in real-time.
An early user of Socure’s platform, Capital One says deployment of the technology has increased its accuracy in identifying fraud, resulting in a reduction in customer friction while also preventing additional fraud.
Aman Sharma, partner at Capital One Ventures, comments: “Socure’s exceptional performance in fraud classification and identity coverage not only demonstrates the accuracy of their platform but underscores how they are bringing more eligible consumers into the digital services ecosystem as the company rapidly expands into new verticals outside of financial services.”
Already a leader in the financial services sector, Socure intends to use the latest batch of funding to push into other industry verticals, including online gaming, healthcare, telco, e-commerce, and on-demand services.