Khosla Ventures leads $2 mn Series A round in digital ID firm Veri5Digital

Identity and digital solutions provider Veri5Digital has raised $2 million (approximately Rs 14 crore at current exchange rate) in a Series A funding round led by US-based venture capital firm Khosla Ventures.

The Bengaluru-based company will use the funds to scale solutions and build new identity products and services, an official statement said. 

Veri5Digital also plans to launch its identity-related products in the US and the Asian markets, the statement added.

The identity verification and user onboarding company Veri5Digital offers a set of products including artificial intelligence (AI)-driven video know your customer (KYC) and digital signature solutions. This allows users to sign documents using electronic signature authenticated using Aadhaar, the 12-digit biometric identification number.

“Veri5Digital has built identity products that build trust in a rapidly growing digital economy smoothing the growth of new age commerce and fulfillment,” said Saru Tumuluri, chief executive officer, Khosla Labs.

Previously known as Aadhar Bridge, Veri5Digital was founded in 2016 by Saru Tumuluri and was initially incubated at Khosla Labs. The company was later transformed into a Khosla Labs initiative. 

It claims to be doing over two million onboardings a month for customers ranging from e-commerce companies to banking corporations.

“Veri5Digital has built innovative AI solutions around KYC and authentication which address the online, digital identity needs of companies globally,” Vinod Khosla, founder, Khosla Ventures, said.

Khosla Ventures is a venture capital fund launched by Sun Microsystems' co-founder Vinod Khosla.