Authentication Solutions Provider Veridium Gains $16.5 Million

Veridium, a provider of strong authentication solutions using biometrics instead of passwords and tokens, closed a Series B funding round of $16.5 million led by UK entrepreneur and philanthropist Michael Spencer, with participation from Citrix Systems, Inc. and financial services executive and investor Michael Powell.

According to the company, by using Veridium’s software-only biometrics platform, users can replace passwords, tokens, OTPs, or swipe cards with multiple biometrics from their smartphone, such as face and fingerprint native device sensors and Veridium’s 4 Fingers TouchlessID.

The company plans to use the Series B financing to accelerate the product development for its comprehensive authentication platform. Additionally, the company plans to scale its sales and marketing infrastructure across the Americas, Europe, and Asia.