ShareID, an AI-powered cybersecurity solution that disrupts strong customer authentication, has raised €2M in seed funding. ShareID brings the simplicity and efficiency of physical identity checks to the digital world. The Paris-based company, founded in 2020 by Sara Sebti and Sawsen Rezig, will use the funds to expand into the US market.
The round was led by Newfund, an entrepreneurial VC firm that finances seed-stage startups driving global change. It included participation from 212 Founders, a program of mentoring and financing of startups in Seed and Series A stages by CDG Invest, and several business angels, including Bernard Mourad and Tom Kemp.
In 2021, 6 million identities were stolen worldwide, with a 20% increase in 2022. And cyber-based attacks have risen, increasing the demand for multi-factor authentication solutions. ShareID’s next-generation multi-factor authentication solution uses AI and Machine Learning to detect the authenticity of government-issued IDs in the digital world and eliminates identity theft, fraud, and data leaks in real time.
“Our innovative technology is uniquely positioned to shake up the massive customer authentication market with a secure and user-friendly solution. We offer businesses and their customers a safe, trusted way to interact seamlessly. We are thrilled to welcome our new investors and accelerate our growth in the US market,” Sara Sebti, the company’s CEO, and Bernard Mourad, Chairman, said.
“Currently, even the strongest MFA solutions provide a weak layer of security that can be easily hacked and do not confirm the actual person behind the screen,” said Augustin Sayer, Partner at Newfund. ”The future is a digital ID validated once and allows users to sign in with their official credentials for any transaction on their smartphone. When Sara and Sawsen pitched ShareID, we were impressed by their vision and the technology they have developed and knew that we had to get on board.”
Today, businesses are required to provide strong authentication throughout their customers’ lifecycles. ShareID’s MFA 3.0 guarantees the liveness of the person behind the screen and the validation of all the personal data shared. In addition to its security features, ShareID offers a user-friendly, real-time reauthentication process that simply requires a smile.
“ShareID’s purpose overall is to bring trust to the digital world,” said Sawsen Rezig, the company’s CTO. “We want to build a world where people feel safe to share their data and be able to know, with certainty, who they are sharing it with.”
ShareID is headquartered in Paris, with offices in San Francisco, and was founded in 2020 by Sara Sebti and Sawsen Rezig. ShareID provides authentication as a service linked to the official ID document and captured with a simple smile. Thanks to its patented technology, personal data and biometrics are never stored, making ShareID compliant with international data privacy and protection laws. For more information on ShareID, visit https://shareid.ai/ or follow on LinkedIn.
Newfund is the only 100% early-stage VC with a dual presence in France and the US. Since Their launch in 2008, they have built a community of 150+ startups bringing disruptive innovation. They invest in seed capital from €250k to €2M to initiate international development and support entrepreneurs in the long run through follow-on investments. On the LP side, Newfund has the largest base of entrepreneurs and family offices in France for an innovation fund.
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