SSI Digest: 2022 Wrap-Up

Fundraising and M&A

• Spruce closed a $34 million Series A round led by Andreessen Horowitz

• Digital identity startup Evernym sold to Avast, looking to bring trust to a decentralized internet

• NFT3 raised $7.5 million led by Animoca Brands, signaling decentralized identity technology and NFTs as gateway to the Metaverse

• Umazi, the due diligence platform automating enterprise identity verification, has secured over €880k from Innovate UK and other angel investors

• Seattle-based Indicio secured $3.5 million from a fundraiser led by investment company Hard Yaka, to advance the adoption of its decentralized digital ID technology across industry verticals with steady focus on the finance, healthcare and travel sectors.

• Open finance network Plaid acquired identity verification and compliance platform Cognito in a deal valued around $250 million.

• ID-Pal secured €7 million in Series A funding round

• Unum ID, the digital ID card network, raised a $2 million strategic round led by 1414 Ventures and Outliers, with participation from Draper Associates, TappanHill Ventures, and others

• Web3 digital identity startup Unstoppable Domains raised $65 million at $1B valuation

• India’s M2P Fintech snaps up digital identity platform Syntize

• Equifax snaps up Midigator to bolster its digital identity and fraud capabilities

• Los Angeles-based decentralized identity startup Carv raised $4 million, valuing it at a handsome $40 million

• Ping targets IAM startups with new $50 million venture fund

• Trinsic, the leading infrastructure for building user-controlled identity products, announced an $8.5 million seed round

• Checkout.com, a global cloud-based payments provider, has announced its intent to acquire digital identity verification (IDV) startup, ubble

• FlexID gets Algorand funding to offer self-sovereign IDs to Africa’s unbanked

• Avast acquired second blockchain decentralized identity provider SecureKey

• Fintech app Portabl raises $2.5M to help consumers securely store financial data
  

Market reports and trends

• In November 2022, Forbes estimates that the digital identity market, as defined by 1414 Ventures, is comprised of 50 subsectors, and it has a valuation of $663.9 billion, up 8.5% from a valuation of $612 billion in 2021, and is projected to cross $1 trillion by 2024 according to our calculations.

• Per a recent McKinsey report on technology trends, self-sovereign identity was called out as one of the most noteworthy technologies in digital identity and trust architecture.

Big Tech and Digital Identity

• Microsoft has launched a new platform called Microsoft Entra, under which all of its identity-related services will now fall

• Google Wallet prepared state ID & driver's license support with December 2022 Play System Update

• JPMorgan is exploring the idea of a digital wallet that would allow users to control their digital identity and assets across platforms

• Equifax, known for huge data breach, is building a Web3 KYC solution

Digital Identity Key Regulation

• The European Council adopted its common position (‘general approach’) on the proposed legislation regarding the framework for a European digital identity (eID)

• EU awarded Digital Wallet contract to Scytáles and Netcompany-Intrasoft consortium

• NIST drafted revised guidelines for digital identification in the US federal systems

• The World Bank published a working paper “Principles on Identification for Sustainable Development: Toward the Digital Age”

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