AI/ML Identity Platform Socure raised $35 Million in Funding

Socure, a New York-based AI/ML-powered Day Zero identity verification platform, has now secured $35 million in a new funding round.

Socure is founded by Tom Thimot in the year 2012. It provides a predictive analytics platform that applies Machine Learning and Artificial Intelligence techniques with offline or online data intelligence from a phone, email, device, velocity, IP, and the broader internet to verify identities in a real-time scenario.

The company is based out of New York with offices in Chennai, San Jose, and San Diego.

Tom Thimot, CEO of Socure, said, "We are grateful to have had significant investor interest despite the current economic environment, and are proud to have taken less money than was on the table. As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products and capabilities."

Travis Skelly, Director, Venture Investing at Citi Ventures, said, "Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated. Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story."

The round was backed by the Sorenson Ventures with participation from existing investors Scale Venture Partners, Flint Capital, and Commerce Ventures.

The round also included the new strategic investor participation from the Wells Fargo Strategic Capital, Citi Ventures, and MVB Finance Corp. The latest funding round brings the total funding secured at $96 million to date.

The funds will be used to support Socure’s growth and enhance the platform's machine learning capabilities.

PC: Pablo, Unsplash