Unum ID Receives $2M Seed Round led by Draper Associates

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With investment from Draper Associates and ongoing support from Samsung NEXT, Unum ID will accelerate adoption of their next-generation identity platform that helps businesses instantly identify who’s who online.

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“We all spend so much of our lives verifying our identity online. It’s frustrating as a user and expensive for companies. Unum ID makes it instant and inexpensive, and I can’t wait to see it everywhere,” said Tim Draper.

Unum ID, the digital identity company that helps companies establish a single, verifiable customer identity, today announced the close of a $2M Seed round of financing. Draper Associates led the investment, with participation from TappanHill Ventures, Wedbush Ventures, Hard Yaka, and a number of angel investors. The investment brings Unum ID’s total funding since launch to $3.2M and will help the company aggressively accelerate sales and product development efforts.

The Seed financing builds on an outstanding past year for Unum ID, which received backing from Samsung NEXT and EOS VC, was named a TechCrunch Top Pick at Disrupt SF, added key advisors including Dan Kolkowitz (founder of IdentityMind) and John deVadoss (Head of Development at NEO), and saw overwhelming inbound interest across industries.

“We all spend so much of our lives verifying our identity online. It’s frustrating as a user and expensive for companies. Unum ID makes it instant and inexpensive, and I can’t wait to see it everywhere,” said Tim Draper, founding partner at Draper Associates.

Unum ID provides sharified -- shared, verified -- identity, helping companies instantly know who is who online. Their software ties a single human to their mobile device and ties that mobile device to their online identities through cryptography. In doing so, they can create a single customer identity that is common not only across all business units in a single company, but also across separate companies altogether. Crucially, all personal information is pushed to the edge and stored only on each user’s mobile device, embedding user consent by design and providing unmatched privacy and security.

This is a paradigm shift in how identity is handled online that provides value across industries. Companies can onboard verified users in seconds, not minutes. Verifying users to “know your customer” becomes an asset instead of a liability. Eliminating behavioral fraud (e.g. SIM swapping, phishing) can be achieved in a single app update.

For more information please visit http://www.unumid.org.

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About Unum ID: Unum ID helps companies instantly know who’s who online. Their software enables “sharified” -- shared, verified -- identity, creating a single, persistent customer identity that can be shared between business units and even between companies. Crucially, this customer identity is bound to one individual in the offline world so companies can be certain they’re dealing with the same person through time. With Unum ID, companies can onboard users in seconds, not minutes and eliminate behavioral fraud with just a few lines of code. To learn more about Unum ID, please visit http://www.unumid.org.

About Draper Associates: Draper Associates is a premier global early stage venture capital firm that invests in great entrepreneurs utilizing technology to pursue big visions of a better world.

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Aidan McCarty
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