Australia-based OCR Labs, which supplies id verification and regulatory compliance providers, raises $15M Collection A led by Oyak Group

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australiabased 15m series oyak groupbutchertechcrunch, Due to the necessity for ID verification brought on by the gig economy, businesses like Onfido and others started to emerge. However, this industry is far from finished.

In order to extend its services and staff to the U.K., Turkey, and Europe, OCR Labs, an Australian startup, has now announced a €12.5 million / $15 million Series A fundraising round, which is being spearheaded by Turkish investors Oyak Group. In its seed round, Halkin Ventures contributed money. The firm focuses on regulatory compliance, client onboarding, identity fraud, and digital ID verification.

Optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face matching are among the five unique technologies that OCR Labs, formed in 2018 by Daniel Aiello and Matthew Adams, claims to utilise in their technology. This bolsters KYC and AML rules.

The need for digital verification is increasing tremendously, according to OCR Labs co-founder and CPO Daniel Aiello. As they attempt to negotiate the epidemic and a lack of ability to function in person, new industries have increased their demand over the past year. Everyone wants to be protected against identity theft and fraud, but nobody wants to spend hours attempting to establish their identity, whether it’s for a job or a bank account. Although completely automated technology can have a significant influence on many sectors and privacy, people remain a barrier and a concern. OCR Labs can recognise ID papers from all around the world and is designed to be safe, frictionless, and quick.

REED, an employment agency in the UK, uses OCR Labs. OCR’s general manager of International Operations, located in London, is Russ Cohn, a former member of the Google UK executive team.

The system that Matt and Dan have developed is entirely automated, so it doesn’t depend on any people in the background, Cohn said. That is currently highly important. We’ve seen how having that hybrid solution has been influenced by COVID, so automation speeds up and improves the supply of the technology to our consumers. Many of the competitors employ many suppliers and outsourcing to assemble a solution.

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