Insights

Smaller entities raising funds: Weekly Dealbook

7/1/21

By: Liminal Team

Investors in this week's DealBook reflect smaller entities being acquired and raising capital. Most notably, Illumio raised $225 million of Series F to fund the expansion of their operations, emphasizing the growing demand of cybersecurity companies with increased data privacy and regulatory compliance concerns caused by significant data breaches resulting in high fines for companies. 

Additionally, ARIADNEXT was acquired by IDnow, and TrustDoc raised JPY 1.3 billion (USD 11.7 million). The companies will use the funds to keep up with the demand to digitally onboard all the users due to consumer behavior change caused by the Covid-19 pandemic. IDnow, through the acquisition of ARIADNEXT expanding its solutions offering, demonstrates that entities are looking to hire one vendor capable of providing multiple solutions throughout their platform. Moreover, TRUSTDOC onboarding services focus on its seamless API integration without complicated SDK. Similar identity verification companies have gained traction in the market with small engineering teams due to the easy integration. 

In the public market, Ipsidy changed its name to authID.ai (PINX: IDTYD) and filed with the SEC to raise $24 million in an initial public offering; the symbol "IDTYD" will change to "AUID." The funds will expand its Identity as a Service (IDaaS) platform to keep up with the rapid growth in the mobile and biometric markets.

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Top Deals
Illumio

Illumio is a developer of a cloud-based cyber-security platform designed to protect data and information from server breaches and threats. The company's platform leverages adaptive segmentation technology that can prevent cyber threats by controlling the lateral movement of unauthorized communications, enabling clients to surf the internet with safety and security.

Illumio raised $225 million of Series F venture funding in a deal led by Thoma Bravo on June 24, 2021, putting the company's pre-money valuation at $2.53 billion. Franklin Templeton, Hamilton Lane, and Owl Rock Capital Group also participated in the round. The funds will be used to make an investment in the company's field operations and channel partner network, and to invest in innovation, engineering, and its product.

ARIADNEXT

ARIADNEXT is a provider of digital services designed to optimize customer onboarding. The company's services simplify subscriptions, check and control documents, and secure contracts as well as offer document verification, electronic signature, document securing, and all other digital KYC needs, enabling companies to improve digital trust within their business.

ARIADNEXT was acquired by IDnow for an undisclosed amount on June 29, 2021. However, the deal was approximately $59 million. IDnow with the combined entities will be able to provide a comprehensive identity verification platform, ranging from AI-driven to human-assisted technology and from online to point-of-sale verification options.

TRUSTDOC

TRUSTDOC is a provider of e-KYC and identity confirmation API services intended to facilitate trusted business relationships and transactions. The company's services provide individual identity confirmation API, personal number acquisition API, risk check API, mailing API, amongst other offerings, enabling individuals, businesses, and corporate clients to authenticate their digital identity in a convenient and hassle-free manner.

TRUSTDOC raised JPY 1.3 billion ($11.7 million USD) of venture funding from Sony Innovation Fund, STRIVE (VC Investor), and Mitsubishi UFJ Capital on June 24, 2021. Mizuho Capital Partners, SMBC Venture Capital, and Globis Capital Partners also participated in the round. The funds will be used for sustainable social infrastructure and accelerate the digital government from the private sector as an eKYC infrastructure for a digital society where no one is left behind.

Investor Highlights
Franklin Templeton

Franklin Templeton is a global investment manager. Franklin Templeton offers comprehensive investment and advisory services to individual investors, corporations, and financial institutions. The firm seeks to consistently provide investors with exceptional risk-adjusted returns over the long term, as well as reliable, accurate, and personal service.

Active Portfolio - 108

Investments (TTM) - 54

Med. Round Amount - $75.00M

Med. Valuation - $445.00M

# of Exits - 97

 

Illumio

Snyk

Unum ID

Databricks

Public Highlights
authID.ai

authID.ai (Ipsdidy) is a provider of an Identity as a Service (IDaaS) platform that delivers a suite of secure, mobile, biometric identity solutions. The company provides secure, biometric, identity verification, and electronic transaction authentication services. The firm has developed an IDaaS platform for businesses, residences, governments, or other organizations. Geographically, it has operational footprints in North America, South America, and Africa. The firm's products and services operate in two reportable segments: identity management and payment processing.

 

authID.ai (PINX: IDTYD) filed with the SEC to raise up to $24 million in an initial public offering. The company is currently listed on the OTCQB under the symbol "IDTYD", which is expected to be changed to "AUID".

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