Outdid Raises $2.5 Million To Provide Identity Verification In A Private And Trustless Man

Seed Round Led by Jump Crypto followed by Superscrypt

LONDON--(BUSINESS WIRE)--Outdid, an end-to-end private ID verification solution leveraging zero knowledge (“ZK”) proofs, today announced the closing of its $2.5 million seed round. The round was led by Jump Crypto, followed by Superscrypt, and with participation from more than 15 exceptional angel investors.

Outdid comes amidst an increasingly digital world where identity fraud is prevalent and data privacy is paramount. The company's verification solution requires no centralized access, processing, or storage of personal information, ensuring user privacy while eliminating opportunities for data breaches. With its combination of advanced technology and a keen understanding of user privacy, Outdid is set to redefine traditional ID verification processes.

Founded in 2022 by a pair of ambitious individuals who left their academic pursuits, Outdid is revolutionizing identity verification through a distinctive privacy-centric approach. The company's cutting-edge platform employs zero-knowledge proof (ZKP) technology, delivering fraud-resistant, scalable, and cost-effective verification services. While primarily concentrating on age verification, Outdid's solution is versatile and can be applied across various industries and verification scenarios.

“On one hand, data privacy has become a significant concern for people globally. On the other hand, fraud with online verification has reached a new record, the prevention of which requires more data collection and processing,” said Zvezdin Besarabov, Outdid’s CEO and co-founder. “Our ID document verification solution addresses these issues head-on. It is designed to ensure that not only verification is fraud-resistant, but personal data remains private, tucked away from prying eyes,” said Ana-Maria Pricop, Outdid’s COO and co-founder.

Primarily focused on age verification use-cases, Outdid's technology is versatile and applicable across various industries requiring ID document verification, such as financial services, hospitality, mobility, e-commerce, and more. The scalable solution can efficiently manage volume surges without the need for additional resources, making it an ideal choice for businesses of any size.

“There are a lot of identity verification solutions out there but no one taking the approach to privacy Outdid is taking using zero-knowledge proofs, minimizing costs and compliance risks,” said Matias Woloski, CTO and Co-founder of Auth0, the leading solution in the web authentication space.

Outdid's cost-effective structure allows businesses to maintain rigorous verification standards without the substantial expenses typically associated with such services. The affordability of the solution does not compromise its quality, delivering precise and dependable verification at a fraction of the cost of competing offerings. Alongside the funding round announcement, the team also unveiled Outdid’s Partnership Program – an exclusive initiative for handpicked companies to benefit from white-glove service and tailor-made solutions provided by Outdid.

Their angel investors, alongside Jump Crypto and Superscrypt are:

Matias Woloski - Co-founder, Auth0 https://twitter.com/woloski
Martin Varsavski - 5-time unicorn founder https://www.linkedin.com/in/martinvarsavsky/
Gaston Frydlewski - Director, Mercado Libre https://twitter.com/Gastonfrydle
Santiago Siri - Founder, Democracy Earth Foundation https://twitter.com/santisiri
Pia Mancini - Founder, Open Collective https://twitter.com/piamancini
Emanuele Francioni - Founder and CEO, Dusk https://www.linkedin.com/in/emanuelefrancioni/
Simeon Simeonov - Startup mentor and investor, https://sim.vc
Pressian Karakostov - Founder, PhoneArena https://www.linkedin.com/in/pressiankarakostov/
Luis Cuende - Founder, Aragon https://twitter.com/licuende
Stefan George - Co-founder, Gnosis https://twitter.com/StefanDGeorge
Can Kisagun - Co-founder, Enigma and Secret Network https://www.linkedin.com/in/cankisagun/
Harsh Rajat - Founder, Push Protocol https://twitter.com/harshrajat
Alexi Ned - Angel Investor https://www.linkedin.com/in/alexi-ned-441b2a15/
Bogdan Stanciu - CEO, Bit-Soft Group https://www.linkedin.com/in/bogdan-stanciu-83b12118/
EO Hao - Founding Partner, FutureMoney Group https://www.linkedin.com/in/eo-hao-853a2414b/
Questbook Investments - https://Twitter.com/questbookapp
+ more in stealth

About Outdid
Outdid provides a fully private ID verification tool, eliminating data liabilities on the side of online apps and services while giving their users peace of mind knowing that their private information is safe. Outdid resolves the privacy vs verifiability dilemma by leveraging Zero Knowledge Proofs to verify original government-issued documents without involving intermediaries who would do that verification and issue attestations. This allows Web3 and Web2 platforms alike to perform identity verification in a fully private and trustless manner.

Contacts

Media:
Gwyn Hodges
Gasthalter & Co.
+1 (212) 257-4170

First published on Thu, Jun 29, 2023

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Outdid Raises $2.5 Million To Provide Identity Verification In A Private And Trustless Man

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