Jumio, a pioneer in image recognition technology and inventor of Netswipe, the innovative application that lets merchants take credit card payments securely via webcam or mobile phone, today announced the close of $25.5 million in Series B funding. Andreessen Horowitz led the round and General Partner Scott Weiss joined Jumio’s board of directors.
Mountain View, March 6, 2012 - Jumio, a pioneer in image recognition technology and inventor of Netswipe, the innovative application that lets merchants take credit card payments securely via webcam or mobile phone, today announced the close of $25.5 million in Series B funding. Andreessen Horowitz led the round and General Partner Scott Weiss joined Jumio’s board of directors. Jumio’s earlier investors include Eduardo Saverin, co-founder of Facebook, TIBCO Software Inc., a global leader of enterprise software solutions and Peng T. Ong, board director at SingTel, founder of Match.com, Interwoven and Encentuate. Jumio was founded by Daniel Mattes in 2010 and has raised $32 million to date.
Jumio’s patent-pending Netswipe solution turns any webcam into a secure credit card reader, allowing merchants to easily and efficiently accept payments online. Netswipe is the first and only solution that enables online card-present transactions. To complete a transaction, consumers briefly hold their credit card in front of their webcam. Through secure videostreaming, the credit card details are recognized and verified: no snapshot image is taken, no data is stored on the computer used for the payment. Additionally, Jumio offers a solution for mobile phones and tablets.
Jumio will use the new funding for team growth and product development.
Verifying a user online – Jumio introduces Netverify
In addition, today Jumio formally unveiled Netverify, the company’s newest product for online merchants. Built with the same patent-pending technology as Netswipe, Netverify turns any camera into an ID reader. It is the easiest way for website owners to confirm a customer’s identity in real time.. Netverify eliminates the need for consumers to scan and fax copies of their ID. Instead, they simply hold their ID up to a camera (webcam, mobile phone, tablet), Netverify scans it and the merchant gets an instant verification.
Netverify is designed as a stand-alone tool when an online identification of a user is necessary or as back-up security measure in the sensitive online payment space. With Netverify users do not need any additional hardware.
Comments on the News
“Netswipe has been very well-received in the market and Netverify is already making a difference for our customers. There is a real need for seamless, accurate and secure online payments and the possibility to identify a person online. Andreessen Horowitz’ confidence in and involvement with Jumio is a strong indicator of its potential for the market.” – Daniel Mattes, founder and CEO, Jumio.
“Daniel and the Jumio team understand the challenges facing online merchants when it comes to battling credit card and identity fraud because they’re dyed-in-the-wool entrepreneurs themselves and they have encountered the problems that Jumio aims to solve. Jumio’s technology is a huge leap forward for online payments with potential to transform even more industries.” - Scott Weiss, general partner, Andreessen Horowitz
“I am excited to be part of this company. Jumio's approach is both technologically disruptive and user-friendly in a payments market which is desperate for consumer centric innovation." - Eduardo Saverin, Facebook co-founder and director on the board of Jumio
About Jumio, Inc.
Jumio is applied computer vision technology. Devices are able to read and understand information out of an image, captured by a connected camera. Jumio’s technology is designed to make everyday life easier, quicker, smoother.
Jumio Inc. is headquartered in Mountain View, California and operates a development center in Austria. The company was founded in 2010 by Daniel Mattes and employs 45 people. More on www.jumio.com <http://www.jumio.com>
Jumio’s advisory board includes Zain Khan, former Google executive, Mark Britto, former Amazon executive, Thomas Jungreithmeir, managing director of TJP and Bjorn Evers, former gaming industry CEO. Jumio's CTO is Thomas Willomitzer, co-founder of last.fm. Facebook co-founder Eduardo Saverin and Scott Weiss, General Partner at Andreessen Horowitz, have a seat on the board of directors.
About Andreessen Horowitz
Andreessen Horowitz is a venture capital firm that provides seed, venture and growth-stage funding to the best new technology companies. Founded by Marc Andreessen and Ben Horowitz, Andreessen Horowitz helps entrepreneurs become successful CEOs and build important and enduring companies. Its general partners are Marc Andreessen, Ben Horowitz, John O'Farrell, Scott Weiss, Jeff Jordan and Peter Levine, all widely recognized experts in the creation, scaling and operation of high growth technology companies. The firm has $2.7 billion under management across three funds. Among its 90 investments are Airbnb, Apptio, Box, Fab, Facebook, Foursquare, Groupon, Jawbone, Lytro, Pinterest, Silver Tail Systems, Twitter and Zynga. The firm was established in June 2009 and is located in Menlo Park, California. www.a16z.com <http://www.a16z.com>
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