Socure, a developer of digital identity verification predictive analytics technology, raised nearly $14 million in a Series B venture financing round from backers with insurance industry investment experience.
The New York startup is developing its technology with an eye on the financial services and e-commerce sectors, including the insurance industry. It’s release asserts that its technology is “quickly replacing people and legacy systems at major financial services and e-commerce institutions.”
Lead investor Commerce Ventures is a backer of Snapsheet, a virtual claims technology provide that raised $12 million in a Series D round and counts Liberty Mutual and USAA among its investors.
Two Sigma Ventures is also an investor in the $13.9 million round. It is a division of the massive quantitative hedge fund Two Sigma Investments, which partnered with Brian Duperreault (now AIG’s CEO) to purchase SAC Re in 2013, a company that later became Hamilton Re and is now part of Hamilton Insurance Group. American International Group, Hamilton Insurance Group and Two Sigma Investments affiliate Two Sigma Insurance Quantified jointly launched Attune in 2016, a data-enabled technology platform designed to serve the U.S. small to midsize commercial insurance market. They recently agreed to expand their collaboration within Attune and into other areas.
Other participating investors in the Socure round include Flint Capital, Work-Bench and Santander InnoVentures.
Plans call for using the new funding round to scale up sales and support operations, build out Socure’s infrastructure and drive market expansion. Combined with a Series A-1 funding round from December 2016, Socure has raised $27.5 million to date.
The company describes its predictive analytics platform as using artificial intelligence and machine learning techniques along with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real time. Customers thus far “include a top 5 U.S. bank, a top 5 global money transfer provider, a top 10 U.S. card issuer and many of the leading digital banks, lenders and insurers,” Socure said in its funding announcement.
Socure said it will announce a new partnership as well as its latest platform at the Finovate Fall conference in early September.