26 May 2018
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Giesecke+Devrient Ventures makes multi-million euro investment in IDnow

17 May 2018  |  2337 views  |  0 Source: Giesecke & Devrient

G+D Mobile Security and IDnow have entered into a partnership to combine expertise and resources with the aim to develop AI-driven biometric and security technologies.

A first result of this cooperation is the development of a fully automatic remote identification solution for international markets.

G+D Ventures, the Corporate Venture unit of Giesecke+Devrient, took a minority stake in IDnow as part of a multi-million Euro investment to enable the acceleration of research and development and international expansion, thereby increasing the financing of the Munich-based growth company to over 10 million Euro.

The volume of the global market for the onboarding and management of digital identities is estimated at more than 10 billion Euro. Digital identities are a key factor in creating confidence in the digital economy of the future: market developments such as the regulation in the finance sector, digitization of business and e-government processes as well as ever increasing requirements with regard to data privacy and customer experiences will foster the need for new, global solutions to ensure the simple, secure and reliable management of digital identities.

Giesecke+Devrient, a global leader in security solutions, and IDnow as a provider of leading technology in online services now cooperate to address the global market for secure digital identification.

“We are pleased that Giesecke+Devrient places its trust in us and that we will jointly provide biometric and AI-based products for digital identification. With its global presence and expertise, G+D is the ideal partner for IDnow. We set the highest value on the reliability and efficiency of our products, combined with a superior customer experience,” said IDnow CEO Rupert Spiegelberg.

“In our focus markets of payment and connectivity, the secure management of identities is key to creating customer confidence. A great digital customer journey starts with secure and convenient onboarding. We are very excited to partner with IDnow to complete our offering for secure remote identification,” says Carsten Ahrens, CEO of G+D Mobile Security. “In our partnership we are combining G+D’s global expertise with IDnow’s leading edge identity platform. And we are moving fast - in fact, the first joint customer projects have already been launched.”

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