Virtual Signature ID Validate Ltd secures EIS funding round from Endeavour Ventures Limited July 2023
Virtual Signature ID Validate Limited (VirtualSignature-ID) is pleased to announce that it has received a substantial investment from Endeavour Ventures Limited. The team at VirtualSignature-ID has been working alongside clients and regulators in the professional services sectors since 2014 to create verifiable eSignature, identity authentication and document automation technology in an expanding growth market.
The VirtualSignature-ID cloud platform allows firms of all types and sizes to automate and enhance their document signing and client onboarding by using Advanced and Qualified eSignatures, dynamic fillable forms and remotely carrying out ID and background checks, enabling them to comply with AML and KYC regulations safely and securely. A client-facing app allows an individual to take a video selfie and scan their ePassport using NFC technology to verify their identity with 100% accuracy and an e-Witnessing feature facilitates deed signing by pinpointing the exact location of the witness, to ensure they are together with the signer. This technology helps to speed up delivery and response times, minimise the risk of identity fraud and error, meet regulatory compliance and ultimately close business faster.
VirtualSignature-ID recently achieved accreditation as conforming to the UK Digital Identity and Attributes Trust Framework (Beta) and is a UK Government-approved Identity Service Provider.
David Kern, CEO at VirtualSignature-ID said: “We are delighted that Endeavour understood our particular market opportunity and the potential to deploy highly reliable technology that will satisfy the significant demand from clients.
“We have been able to secure funding from Endeavour on the strength of the significant progress we have made to date with very little marketing or outside investment.
“This capitalisation will give us the opportunity to continue to grow and deliver game-changing products and exceptional customer service to a client base eager to incorporate such technology into their existing workflows.
“We will be able to add further Document, Case and Practice Management integrations into our portfolio alongside the existing ones, such as Visualfiles, Proclaim, Intapp, Advanced P4W and iManage, to name but a few.”
Endeavour Ventures’ founder Bill Cunningham led the investment, becoming post-transaction Non-Exec director for Endeavour. Bill Comments, “This is an exciting niche business utilising UK technology in a large and rapidly expanding market. This business has a strong pipeline of demand and a growing number of happy clients. It represents an attractive opportunity for us with the potential to deliver a high multiple return to investors utilising the EIS tax breaks. This funding round target was quickly surpassed and oversubscribed. We look forward to working with management to support their growth. Endeavour expect to follow on in further rounds of finance, if and when they are required as the business grows.”
