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Verificient Technologies Inc
Location: 1460 Broadway, New York City, New York, United States United States
Founded in: 2013
Stage: Napkin (idea)
Number of employees: 50+
Funding history:
- Date: 12/2014, Seed: $1.85 M (post valuation: undisclosed amount).
Investors: Don Burton
Investment Firms: Kaplan Ventures, Techstars
Short URL: vator.co/verificient
Followers (192)
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Verificient Technologies Inc

Identity Verification Realized
Startup/business
New York City, New York, United States United States
http://www.verificient.com

Verificient Technologies is a NYC based Software as a Service (SaaS) firm specializing in scalable continuous identity verification solutions through machine learning and biometrics. We work with institutions and corporations in a variety of industries and verticals who are looking for automated solutions for verifying the identity of end users.

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Company description

At Verificient Technologies, we utilize artificial intelligence, machine learning, computer visioning and biometrics in forming our Trusted Identity-as-a-Service (TIaaS), platform for identity verification and authentication. Over the last 5 years, we've become a leader in the industry to deliver continuous identity verification and digital remote monitoring. Weaving these advanced technologies together with user-centered design and award-winning customer service, our patented automated approach, pairs usability with accurate results and true scalability. 

Today, we're serving a variety of markets, including Higher Education, HR and Recruitment, and Remote Labor-Force Management (virtual work at home agents).




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Team
  • Tim Dutta
    Tim Dutta | Founder
    CEO Verificient Technologies, Inc.
Business model

The Problem / Addressable Marketplace:

There are 900 million test taken in Higher Education today. Only 60 million of those tests are being proctored today in physical testing centers. Further, institutions are constantly being challenged with, and struggling to verify the identity of their online test takers, ensuring there is no deceit or misconduct during a test, and very importantly, ensure the test bank of questions are not compromised by students who cheat.

 

In order to keep up with the contant growth of online education and open resources, institutions are looking for solutions that provide an automated and scaleable method to allow students to take proctored online tests "Anywhere and Anytime".   Once a solution like this is found, and the security needs of verifying who took the course, who deserves the credit and who cheated are met, then there will be a level of integrity for programs to grow even quicker and scale very fast.  

 

The only solutions today are expensive test centers and online proctoring. And the test centers are only limited to major cities, while there are other issues with online proctoring. Unfortunately, today online proctoring is done with human proctors watching people through webcams and controlling their desktops.  This is intrusive, error prone and not scalable.

 

Institutions are looking for a solution, that can address these challenges. It's a $9 billion dollar addressable market in Higher Education globally alone, just waiting for solution.

 

Why our solution?

What we do is completely different.  We've got a patent-pending technology that delivers the world’s only proctor-less identity verification system for online test taking.

 

How do we make money?

As a SaaS company, we charge our customers, in two ways:

-In our transactional model, we charge $6-12 per test. It’s perfect for MOOCs and Certification Programs.

-In our relationship model for institutions, we charge $99 per student annually, for up to 20 tests.


That breaks down to $12 per test in the Relationship Model, that’s 50% lower than any other option in the marketplace.

We can do this, because we have the only solution in the world that is automated and scaleable.  

 

Competitive advantage

This is how we do it:

Our secret sauce is our patent pending technology first developed for the TSA to detect facial patterns and anomalies.  Our CTO Rajnish Kumar was behind these algorithms, and has been refining them for this application over the last four years.  We collect and analyze student impressions in real-time.

 

Verificient uses patent-pending (patent was just allowed and in the process of being granted), technology to achieve scale and automation.  

“A system and method for remote test administration and monitoring”, US 2011/0279228 A1 from the United States Patent!Office. 

Investors
13503
Kaplan Ventures focuses on supporting innovative companies that are pioneering new learning technologies and business models in education around the world. We leverage Kaplan’s extensive and diverse experiences to add value to our portfolio ...
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Techstars - Unconfirmed
TechStars is a different. It’s a mentorship-driven seed stage investment fund located in Boulder, Colorado which is quickly becoming one of the country’s top startup hubs.
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Walter A. Winshall - Unconfirmed