In April this year, Tech5 raised $10 million to boost its global expansion plans. With an investment in digital identity provider uqudo, the Geneva-based security startup has established a strategic partnership to support the launch of new products, including biometric onboarding, verification, and digital identity tools, tailored to the Middle East and Africa region.
Tech5 uses AI and Machine Learning technologies to provide biometrics and digital identity management solutions to government and private sectors. Its product suite includes Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases.
Alongside opening new offices in multiple countries including the Middle East, Tech5 has formed partnerships to support its rapid growth. Most recently, the startup signed a strategic agreement with an existing partner and customer Uqudo, a leading Middle East and Africa (MEA)-focused digital identity provider. Tech5 also contributed to the company’s financing round aimed to support the launch and growth of new products tailored towards the region.
The UK-based company offers a digital identity platform for customer onboarding and verification, integrated with biometric modalities of TECH5 for verification, biometric liveness detection, NFC-based government-issued IDs and passports reading and verification, cognitive document analysis and AI-based document scanning. The offering enables users to experience a fast, frictionless, and secure onboarding process while ensuring compliance with KYC (Know Your Customer), AML (Anti-Money Laundering) and CDD (Customer Due Diligence) regulations.
With uqudo expanding its coverage and capabilities across the Middle East and Africa, and TECH5’s experience in biometrics and identity management in the region, this collaboration will allow cross-validation of identities without time-consuming manual verifications. Uqudo’s full-fledged AI document scanning, verification and customer screening, powered with TECH5’s inclusive biometrics technologies creates a market-leading proposition. The combined offering will also help prevent identity theft and reduce customer acquisition and paper-based costs.
The two companies are planning to target the wider EMEA geography in 2023, with a focus on Fintech, Blockchain, Banking, Insurance, Travel, and Tourism industries as well as public sector organizations.
(Press release/RAN)
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