Onfido has been listed as one of the top 100 AI startups in the world in CB Insights’ annual AI 100 ranking. This is the fourth time that CB Insights has released the international list, which recognizes promising private companies that focus on AI.

CB Insights evaluates companies based on criteria like patents, customer engagement, and the nature of their investors. Onfido made the list after posting 130 percent year-over-year growth and bringing in $50 million in venture capital, a figure that doubled its previous fundraising efforts.  

“The 2019 AI 100 saw 48 companies go on to raise $4.9B of additional financing and nine got acquired,” said CB Insights CEO Anand Sanwal. “We look forward to seeing what the 2020 AI 100 companies will accomplish over the course of this year and beyond.”

Onfido is the developer of a selfie-based authentication solution that uses face and document recognition to compare a user to the photo on an official ID. The solution recently picked up the prize for Best Product for Next Gen Fraud Prevention at the 2020 InfoSec Awards. Onfido also received the 2019 European Technology Innovation Award from Frost & Sullivan.

“Being able to verify and authenticate customers in a remote setting quickly and securely has never been more important,” said Onfido Co-Founder and CEO Husayn Kassai. “It’s a huge honor that our AI-based approach to identity verification has been singled out by CB Insights for the second year in a row, as we continue to push the envelope for detecting bad actors.”

According to CB Insights, the companies on the AI 100 list have collectively raised $7.4 billion in funding as of the end of February. The majority (65 percent) of the companies are based in the United States, but a total of 13 different countries were ultimately represented in the rankings.

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(Originally posted on FindBiometrics)