Home technology security socure Rakes In $35 Million in New Funding Round

Socure Rakes In $35 Million in New Funding Round

Security

CIO Bulletin
2020-08-26

Identity verification expert Socure has raised $35 million in its new round of funding. The funding round was led by Sorenson Ventures with the participation of existing investors Commerce Ventures, Scale Ventures, and Flint Capital. Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp also joined the round as strategic investors.

“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,” said Tom Thimot, CEO of Socure. “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.”

The fresh funding brings the total funding raised by the company to $96 million. The company says that the funding will be used to support Socure’s growth and enhance its machine learning capabilities. The funds will also help the company improve upon its efforts of eliminating identity fraud through its technology.

The company was named on Forbes’ Top 25 Machine Learning Startups and is known for delivering the best ML-based identity verification solutions in the space.