Lithuanian startup Ondato raises $2 million in seed funding
Ondato, the digital and biometric authentication startup, has raised $2 million in a seed funding round, Startup Lithuania reports. The round was led by OTB Ventures – a venture capital fund investing in technology with unique IP in the CEE region. Also, the company has announced its expansion into Europe naming London as its new headquarters.
Founded in 2016 by CEO Liudas Kanapienis, Ondato provides complete compliance management solutions starting from both photo and live video identity verification, data monitoring, screening, due diligence, risk scoring, and case management all in one place.
With the raised money Ondato is aimed to expand its product development at its research and development hub in Lithuania, while expanding to the UK, Germany, France, and Spain to achieve further growth with some of Europe’s largest digital businesses.
Liudas Kanapienis, founder and Chief Executive of Ondato, said: “I am thrilled to be expanding the Ondato business after our seed capital raise. The UK remains a business capital for Europe and we are excited to call London our new home – undeterred by Brexit. Amid the unprecedented global disruption of 2020, agile start-ups such as Ondato have rapidly grown to meet the new needs of an increasingly digitized economy. New consumer trends and business processes have been formed and we look forward to further growth in the year ahead with the backing and expertise of OTB Ventures.”