Central regions | Finance, business | Technology & innovation
U.S.-based Russians raise venture capital for biometrics
19 Jun '19
ID R&D, a U.S.-based biometric tech company founded by Russian nationals, has raised $5.7m from a group of Russian and Chinese venture capitalists, VC.ru reported. The consortium includes Gagarin Capital, a Russian fund set up by Nikolay Davydov and Mikhail Taver, and China’s GSR Ventures.
The partners do not disclose their investment shares or the start-up’s valuation at the time of the transaction. Gagarin Capital invested in ID R&D in the past and has just increased its shareholding now. GSR Ventures is the new investor.
ID R&D wants to use the new money to hire engineering teams, expand marketing, and boost international sales.
Set up three years ago by Alexey Khitrov and Konstantin Simonchik, the California-headquartered young company is developing technology for biometrics-based user authentication, including user recognition through voice and behavior analysis, and ways of thwarting fraudsters who emulate a user’s voice, face and behavior. ID R&D lists Microsoft, Alibaba and Samsung among its customers.