Trulioo, an Identity verification startup has raised an amount of $ 2 million in its recent seed funding round. The funding round was mainly led by Blumerg Capital.
Andrew Nash, who was the former director of Google’s internet identity products, now serves as the CTO of the company. In fact Nash had also served as an advisor on the board of Trulioo.
The company has in fact evolved itself into the internet’s identity bureau. Having served as the founder of three similar identity startups for the past ten years, Stephen Ufford, CEO and Cofounder of Trulioo declares that the approach made by Trulioo will be different from the other services for online identity verifications.
Trulioo, according to him is “trying to get a better understanding of who you are at a lower cost.” as reported by Techcrunch.com
He accepts the fact that knowledge based authentication is something of high friction with major issues relating to the coverage of data.
In fact, the company has recently launched its first product called Profile Plus, which Trulioo will use in order to help businesses, by estimating the likelihood of their accounts as to whether they belong to real people or not.
It thus prevents waste of money and time of companies by marketing and reaching out to accounts that are not real.
Having launched ProfilePlus, CEO Ufford is now on his way to launch Social Verify, his next product. This is mainly being built in order to assess the information regarding a user’s registration as to how right it is. Ufford even wants to assure complete transparency of his product apart from making it optional for his consumers. This way, consumers will not be forced to share information that they don’t want to.