Authologic funding news – Poland-based Authologic Secures $8.2 Million in Series A Round Funding

OpenOcean has led the funding round and sees YCombinator, Peak Capital and SMOK VC, a US fund investing in top CEE entrepreneurs, including in the round.

Challenges of Authologic

The major challenge in legacy KYC systems reliant on image documentation is digital identity. With the advent of the ability to print and generate authentic documents using AI, it gets relatively easy to manipulate old traditional systems into fraud, identity theft, and compliance failure. Business organizations can no longer depend on legacy systems to secure them with identity verification.

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The complexity of border and platform crosscutting identity verification systems, adds another layer of complication to this challenge, especially in such highly regulated industries as financial services, gaming, telecoms, and crypto with strict KYC and AML requirements.

What does Authologic do ?

Authologic allows firms to offer faster onboarding processes, lesser fraud risk, and lower operating costs while increasing customer satisfaction. Authologic's integrated e-ID platform aggregates thousands of e-ID systems, helping businesses fill the gap between the past legacy systems and the future of digital identity. Its digital verification process is safe and private and ushered in a world without photo uploads or plastic IDs that reveal far more personally sensitive information than is necessary.

Krzysztof Klimczak, CEO and co-founder of Authologic, said: "Identity is the foundation of a well-functioning society. If we can’t be sure who we’re dealing with online, it undermines trust in marketplaces, social interactions, and democracy. That’s why digital identities must be easy to use and the practice of taking photographs of plastic ID cards should be left in the past. Our platform is designed to help firms counteract the increase in AI-driven fraud, offering them a seamless, secure, and automated solution that stays ahead of emerging fraud tactics. We are excited to have the support of our investors as we expand our reach and continue to innovate in the digital identity space."

Tony Nysten, Partner at OpenOcean, commented: "For decades,Identityin the Nordics have used bank e-IDs to sign contracts, purchase items, and even book dentist appointments online. With the Nordics having paved the way in digital identities, we believe Authologic is on the cusp of driving a revolution on a global scale. The demand for secure, efficient and easy-to-use identity verification is universal, and Authologic's approach is precisely what the market needs. Its vision of building a new, trust-based identity layer on the internet resonates deeply with us, and we are thrilled to support the team as they lead the charge in making this vision a reality. Authologic is reshaping online identity."

Nicolas Dessaigne, Group Partner at YCombinator, remarked: "At Y Combinator, we have a front-row seat to seeing AI fundamentally transform the way businesses operate, and it's become clear that traditional identity verification methods, reliant on outdated practices like photos of physical documents, are no longer sufficient. Since going through YC in 2021, Authologic has consistently demonstrated its ability to stay ahead of these trends. We are proud to back a team that not only meets today's challenges but also anticipates tomorrow's needs, driving the future of secure, automated identity verification."

About Authologic

Authologic’s platform helps companies provide an onboarding process with faster onboarding, reduced fraud risk, and lower operational costs.