Yoti, a London, UK-based digital identity company, raised £8m in equity funding.
Backers included existing private investors, employees and Robin Tombs, Yoti’s Co-Founder and CEO.
This round gave Yoti a post money equity valuation of £82m.
The company will use the funds to continue to grow its consumer network, invest in product development, and expand its operations globally.
Founded in 2014, Yoti has developed AI age estimation technology and made patent applications around biometric anti-spoofing, liveness authentication and smart contracts in the past 12 months. Its digital identity app, which has over 4.7 million installs, allows people to prove their age on nights out, check out fast with age restricted items at supermarkets and save time and money proving identity to businesses and government departments via biometrics technology. All personal details are secured with 256-bit encryption.
The company, which is currently working with the Government of Jersey, Heathrow Airport, Yubo, global checkout leaders NCR, Jägermeister, and the Improvement Service in Scotland, has also developed a private and secure browser-based age verification solution, ProveMyAge. This will help adult websites comply with the age verification requirements of the upcoming Digital Economy Act, set to come into force later this year.