Category: optical character recognition

Brazil’s idwall raises $38M for identity validation platform



Online fraud and identity theft is a global problem that has only been exacerbated with increased online transactions amid the COVID-19 pandemic. In particular, it is estimated that Brazilian companies lose over $41 billion due to fraud every year.

In an attempt to tackle this problem head on, Lincoln Ando and Raphael Melo started idwall in mid-2016. São Paulo-based idwall started as an automated background check solution and has since grown into a suite of data and identity validation and risk analysis products. For the consumer market, its “MeuID” app is aimed at users who want to change the way they identify themselves and share their data.

And now the Brazilian regtech has raised $38 million in a Series C round led by Endurance.

GGV Capital, monashees, Canary, Qualcomm Ventures, ONEVC, Peninsula and Norte also participated in the funding, bringing its total raised to nearly $50 million.

The company says it has grown 1,458% between 2017 and 2020, with average growth of 144% per year. Its more than 300 clients include 10 unicorns, two out of the three biggest banks in Brazil and companies such as iFood, Claro, Cielo, Loggi, Ebanx, QuintoAndar and OLX, among others.

Fintechs make up a significant portion of its client base, and in 2020, the company saw its revenue from clients in the financial industry alone climb by 588% compared to 2019.

Idwall uses machine learning and AI to automate the onboarding process via its face match, background check, risk analysis, ID validation and automated (Read more...)

StudySmarter books $15M for a global ‘personalized learning’ push



More money for the edtech boom: Munich-based StudySmarter, which makes digital tools to help learners of all ages swat up — styling itself as a ‘lifelong learning platform’ — has closed a $15 million Series A.

The round is led by sector-focused VC fund, Owl Ventures. New York-based Left Lane Capital is co-investing, along with Lars Fjeldsoe-Nielsen (ex WhatsApp, Uber and Dropbox; now GP at Balderton Capital), and existing early stage investor Dieter von Holtzbrinck Ventures (aka DvH Ventures).

The platform, which launched back in 2018 and has amassed a user-base of 1.5M+ learners — with a 50/50 split between higher education students and K12 learners, and with main markets so far in German speaking DACH countries in Europe — uses AI technologies like natural language processing (NLP) to automate the creation of text-based interactive custom courses and track learners’ progress (including by creating a personalized study plan that adjusts as they go along).

StudySmarter claims its data shows that 94% of learners achieve better grades as a result of using its platform.

While NLP is generally most advanced for the English language, the startup says it’s confident its NLP models can be transferred to new languages without requiring new training data — claiming its tech is “scalable in any language”. (Although it concedes its algorithms increase in accuracy for a given language as users upload more content so the software itself is undertaking a learning journey and will necessarily be at a different point on the learning curve (Read more...)