London-based start-up Outdid is transforming identification methods with its private ID verification solution. In a world where ‘fakes’ are becoming a part of everyday life and identity thief is potentially lurking around every corner of the internet, along come Ana-Maria Pricop and Zvezdin Besarabov give us hope for a verified world.
“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,” says Besarabov.
The pair have developed a solution that tells a third-party system who you are who you are without passing over any identification details. The company's verification solution requires no centralised access, processing, or storage of personal information – its app solution leverages zero knowledge (“ZK”) proofs to keep all documents under wraps.
The start-up has raised a $2.5 million seed round led by Jump Crypto and includes Superscrypt, and a host of angel investors, including Simeon Simeonov, Matias Woloski, Can Kisagun and Stefan George.
“There are a lot of identity verification solutions out there, but no one is taking the approach to privacy Outdid is taking, using zero-knowledge proofs, minimising costs and compliance risks,” said Matias Woloski, CTO and Co-founder of Auth0.
The company is keeping an eye on the discussions around age verification, the bills passing in some US states, and conversations occurring in the UK around safety issues and age verification.
“We can make the internet a safer place without giving up everyone’s information to a few gatekeeper organisations which verify documents,” says Besarabov.
“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,” adds Pricop.
Main Image: Outdid founders
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