Socure valued at $5.2 billion in latest funding, buys Fravity
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FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
Aug 27 (Reuters) - Identity verification startup Socure raised $156 million in a series E extension round that valued the company at $5.2 billion, Chief Marketing Officer Colton Pond told Reuters on Thursday.
The extension comes nearly five years after the company raised $450 million as part of its Series E round at a $4.5 billion valuation.
The latest investment included primary funding and a secondary tender offer for employees. It was led by Summit Partners, with participation from Goldman Sachs Alternatives, Wells Fargo, DocuSign and other investors.
Incline Village, Nevada-based Socure also announced the acquisition of Fravity, an agentic operations platform that automates fraud, risk and compliance work. Financial terms of the acquisition were not disclosed.
The companies already share several enterprise customers, while their founding teams have worked together across multiple companies for more than a decade.
Fravity's technology will be integrated into Socure's RiskOS platform and offered as RiskOS Agents, bringing AI-based automation to its fraud and compliance platform.
The acquisition comes as increasingly capable AI models create new cybersecurity risks while also being deployed to detect and combat fraud.
Anthropic said in July that some of its Claude models accessed three companies' systems without authorization during cybersecurity tests, highlighting the potential risks if such technology is misused by malicious actors.
"Identity is the first perimeter for trust in an AI-driven economy across nearly every use case," said Andy Collins, a managing director at Summit Partners.
Socure serves more than 3,000 customers in over 190 countries across sectors including financial services, government, gaming, healthcare, telecom and e-commerce.
(Reporting by Pragyan Kalita in Bengaluru; Editing by Shreya Biswas)
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