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As the first recipient, idwall will receive R$40 million (over US$10 million) to grow its AI platform that reduces the likelihood of fraud and identity theft. Sources report that idwall will use these funds to hire more staff for its engineering department and product development.
Accompanying Qualcomm Ventures were ONEVC, monashees, Canary, as well as Grupo Globo.
Regtech solution startup
The tech boom continues in Latin America as e-commerce prospers, although not everything is sunshine and rainbows. Considering that three out of five Latin American businesses have suffered a cyberattack, cybercrime persists in the region.
With this in mind, idwall is on a mission to use technology to build relationships of trust. Through data analysis, face recognition software and machine learning for identity verification, this startup is helping companies digitally validate users’ identity.
Plus, its software makes the onboarding process completely digital, meaning faster and more efficient. All in all, idwall offers a simple way to validate both documents and individuals.
In fact, the regtech’s word speaks for itself. By regtech, we mean a startup that assists partners in complying with regulatory processes through its technology, by the way. More often than not, this entails a SaaS.
Founded in 2016, idwall has closed three fundraising rounds for a total of R$51 million (around US$12.7 million). Big-name companies such as Loggi, iFood, 99, Ebanx and OLX are among its customers.
Even better, idwall was the only Latin American company that made FinTech Global’s list of the world’s 100 most innovative regtechs.
Qualcomm Ventures’ tech funds
Based in San Diego, California, Qualcomm Ventures’ US$100 million AI Investment Fund began in November of 2018 to support startups leveraging this developing technology. At the time, it placed special attention on startups developing AI for robotics, self-driving cars, and machine learning platforms.
Moreover, the venture capital firm recently launched its US$200 million 5G Ecosystem Fund. This hefty prize will go towards startups driving the 5G transformation. That’s to say, those with innovative 5G use cases or plans to expand 5G into enterprise markets.
Let’s not forget that we previously presented some countries in Latin America that are already exploring 5G tech. At the end of the day, I have a feeling that we’ll be hearing more about startups digging into the 5G pie as the technology evolves.