Outdid, a private ID verification solution leveraging zero knowledge proofs, has announced the closing of a $2.5 million seed round. The round was led by Jump Crypto, followed by Superscrypt, and included participation from more than 15 angel investors. Outdid’s verification solution eliminates the need for centralized access, processing, or storage of personal information, ensuring user privacy and reducing the risk of data breaches.
Founded in 2022, Outdid is revolutionizing identity verification with its privacy-centric approach. The company’s platform utilizes zero-knowledge proof (ZKP) technology to deliver fraud-resistant, scalable, and cost-effective verification services. While currently focused on age verification, Outdid’s solution can be applied across various industries and verification scenarios.
The company’s CEO and co-founder, Zvezdin Besarabov, highlighted the growing concern for data privacy and the increasing prevalence of online fraud. Outdid’s ID document verification solution addresses these issues by combining fraud-resistance with enhanced privacy protection.
Outdid’s technology is versatile and can be used in industries such as financial services, hospitality, mobility, and e-commerce. The scalable solution can efficiently manage volume surges without the need for additional resources.
With its cost-effective structure, Outdid allows businesses to maintain high verification standards without incurring significant expenses. The company also unveiled its Partnership Program, offering handpicked companies exclusive benefits, white-glove service, and tailor-made solutions.
The funding round saw participation from notable angel investors, including Matias Woloski (Co-founder of Auth0), Martin Varsavski (5-time unicorn founder), and Gaston Frydlewski (Director of Mercado Libre), among others.
Outdid’s fully private ID verification tool ensures the safety of users’ private information by leveraging zero knowledge proofs. This approach allows Web3 and Web2 platforms to perform identity verification in a fully private and trustless manner.