Security startup, ID.me, has reportedly raised $7.5 million in new venture funding, according to the Wall Street Journal. This funding follows the $1.2 million grant that the company received from the Commerce Department’s National Institute of Standards and Technology this past September.
According to the SEC filing, the Mclean, VA-based digital verification network has raised upwards of $10.4 million total, with $2.5 million of that in venture debt financing. The WSJ reported that the funding will go towards “roll[ing] out the ID.me service to a wider number of membership communities, retailers and service providers, and [growing] its team to about 50 employees by the end of the year.”
ID.me offers online retailers, like Overstock.com, the capability to offer online discounts or benefits to different target groups. This is done through “digitized identity cards” that the ID.me platform provides members of a group, which can include teachers, university students, company employees, or active/veteran military members. The digitized ID easily and privately confirms the identity and affiliation of an individual, removing the tedious and traditional hassle of confirming one’s identity online.
With this most recent funding, ID.me has raised about $13.95 million in total equity funding.