19th October 2017
Remote user identification and verification solutions developer Sum&Substance has attracted seed round investments from a consortium of investors, including the investment group UCP and venture capital fund Flint Capital.
19th October 2017, St. Petersburg – Sum&Substance, creator of online solutions for identification and verification of customers, partners and employees using advanced artificial intelligence technologies has attracted seed round investments from UCP investment group and the Flint Capital venture capital fund. The funds will be used for product development, strengthening market positions in Russia and expanding into CIS, European, US markets.
Independent RegTech developer Sum&Substance has created intelligent solutions for identifying and verifying customers, partners and employees online. The company’s flagship product – the IDensic platform – provides instant identity confirmation of users seeking to register with online services using computer vision, neural network data mining and other machine learning algorithms. The IDensic system scans documents for traces of tampering – retouching or photoshopping – identifies photographs of manually forged documents, and cross-checks document photos with the user’s own face on Selfie. Currently IDensic is able to recognize documents from 180 countries. User data is secured with cryptographic technology for data transfer in compliance with international and local regulatory standards. The Sum&Substance solution also conforms to Russian legislation 152-FZ specifically in relation to online security.
ID verification tools such as the IDensic platform and other Sum&Substance solutions are critical components of financial risk management and brand security strategies for Russian and international companies. These automated solutions instantly improve the efficiency of existing internal security measures in a variety of scenarios. For example, many fintech organizations require solutions for digitizing mandatory primary customer audits as part of internal compliance measures and state regulatory requirements for AML / KYC. In other industries, in particular e-commerce and online service providers – bookmakers, dating platforms, car rental services, rideshare platforms or in-home service providers – need instant confirmation of client identities to drastically reduce the level of fraud and increase trust among the users of such services.
The seed funds received by Sum&Substance will be used for further product developments, to integrating legal due diligence operations for working with foreign financial companies, to strengthen company market positions in Russia and to expand business geography to the CIS, Europe, and the United States.
“Our technology helps solve an important problem for humanity – a total mistrust on the Internet,” said Sum & Substance CEO Andrei Severyuhin. ”Our solution is very in great demanded by a variety of businesses. Remote confirmation of the authenticity of user identity documents and the ability to accurately verify whether such documents are real or falsified or even evidence in an identity theft crime – a key aspect of vetting potential clients, partners or employees. Sum&Substance technology is also a very useful for any company developing an online business presence. The market for RegTech and compliance technologies is one of the fastest growing worldwide. Many organizations are obliged by state laws to identify customers in a variety of ways to maintain their licenses and accreditation. For other companies, using rapid remote verification technology to confirm user identity offers a competitive advantage – the introduction such capabilities minimizes fraud, reduces time for user verification and has a significant positive impact on reputation.”
“We have known the Sum&Substance team for more than three years,” commented UCP investment group partner Victoria Lazareva. ”They’re professional, ambitious and energetic entrepreneurs. We believe that the remote user verification market has a great future and are confident that the company has tremendous growth potential both in Russia and abroad.”
”Remote user identification is an extremely fast growing segment, said Flint Capital investment partner Andrey Gershfeld. ”We believe that the Sum&Substance team able to grow with this demand and realize its potential.Sum&Substance products help solve identification problems in completely different verticals: fintech, car sharing, selection of various service providers, classified ads and other message boards, e-commerce, and more. Sum&Substance products are positioned to be integrated into business processes of companies from a wide range of traditional industries such as retail, freight and passenger transportation”
Sum&Substance is an independent developer of solutions for remote identification and verification of customers, partners and employees. Unique Sum&Substance data mining and computer vision technologies help online service providers around the world manage risk, increase trust and comply with state antifraud regulation and KYC mandates for industry and best practice. Sum&Substance clients include some of the largest online service providers for the sharing economy, search platforms for finding employees and service providers, taxi services, dating platforms, e-commerce and fintech companies. Sum&Substance is proud to serve innovative projects such as Gett, Cryptopay, Avito, BeepCar, YouDrive and others, as well as offline business in the retail and logistics segments. For more information on Sum&Substance products and services, visit our website or contact us: https://www.sumsub.com/
UCP Investment Group (UCP) is an independent, private investment group established in 2006 to manage the assets of its partners and co-investors. UCP invests in high-potential private companies and in liquid securities traded on domestic and international markets. UCP has a successful investment track record in the following industries: FMCG and retail, financial infrastructure and services, internet technologies, high-tech materials production, heavy machinery, oil & gas and petrochemicals. For more information, please visit www.ucp.com
Flint Capital is an international venture capital fund established by IT entrepreneurs with the primary mission of discovering and supporting bold-thinking founders and their teams from Europe, Israel and US across a number of industries. Flint capital leads funding rounds at the Seed, Series A and Series B stages, focusing on companies that have the potential to disrupt their respective industries. Flint Capital has an extencive expertise in artificial intellegence and machine learning. Previously Flint Capital has supported the following Ai/ML companies: WalkMe, YouAPPI, CyberX, Epistema, Flo, Findo. Flint Capital has had several significant exits amongst portfolio companies, including Lending Club and Blazemeter, with current investments in dozens of industry leading companies, including WalkMe, CyberX, Virool and Findo. . Flint Capital has offices in Palo Alto, London, Boston and Tel Aviv. For more information, please visit www.flintcap.com
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