Truepic Raises $26M to Verify Photo and Video Authenticity

Truepic Secures $26 Million in Series B Funding

Truepic, a provider of digital image verification software, has successfully completed a $26 million Series B funding round. The investment was spearheaded by M12, the venture fund affiliated with Microsoft.

Additional Investors

Participation in this financing round also included Adobe, the Sony Innovation Fund by IGV, Hearst Ventures, and individual investors from Stone Point Capital. This brings the total funding raised by the San Diego-based company, since its founding in 2015, to $36 million.

A Novel Approach to Image Authentication

Unlike solutions focused on identifying fabricated content, Truepic centers its efforts on confirming the authenticity of images and videos at the point of capture. The company’s patented technology secures “provenance” data – encompassing origin, content, and metadata – and employs cryptography to safeguard images from alteration before delivery to recipients.

This capability allows the software to reliably authenticate the location where a photo was taken and confirm that it hasn’t been manipulated. This is increasingly important given the growing availability of deceptive images and compromised personal data found on the Dark Web, social media platforms, and through metadata-altering software.

Provenance-Based Media Authentication

“Our methodology distinguishes itself by verifying content authenticity during capture, a process known as ‘provenance-based media authentication’,” explained Truepic CEO Jeff McGregor in a statement to TechCrunch. “We contend that detecting manipulated images and videos will prove unfeasible and unsustainable at scale. Provenance-based authentication represents the most viable path toward establishing universal visual trust online.”

Truepic’s core technology is software-driven and compatible with mobile devices. Images and videos captured using its camera are cryptographically guaranteed to be original and unaltered, complete with “trusted” metadata detailing the time, date, and location of capture.

Growing Adoption Across Industries

The company’s technology, protected by 13 patents, has gained significant traction within the financial services sector. Insurance companies, for instance, are leveraging it to remotely verify claims, a practice that became particularly crucial during the COVID-19 pandemic, especially when in-person interactions were limited.

However, its applications extend beyond insurance. Truepic serves a diverse range of industries and use cases.

Impressive Growth and Client Base

Currently, Truepic’s technology is utilized by over 100 enterprises, including prominent names like Equifax, EXL Service Inc, Ford Motor Company, Accion Opportunity Fund, and Palomar.

Last year, the company reported revenue growth exceeding 300%, attributed to “substantial client acquisition” across insurance, banking, automotive, peer-to-peer commerce, project management, and international development. While McGregor refrained from disclosing specific revenue figures, he emphasized that the company is prioritizing rapid technology distribution over immediate profitability.

Broad Range of Applications

According to McGregor, the potential applications of Truepic’s technology are extensive, given the widespread prevalence of untrusted photos and videos. The company caters to organizations that ingest digital visual content and require a high degree of confidence in its authenticity.

This includes insurance providers, banks, peer-to-peer marketplaces, online platforms, real estate firms, franchise organizations, warranty providers, and automotive companies. Any entity relying on visual media – such as home rental services, news outlets, dating apps, social media platforms, e-commerce sites, and the sharing economy – can potentially benefit from Truepic’s solutions.

Vision for the Future

“We envision a future where the origin and authenticity of all digital content are verifiable, fostering greater trust in online content,” McGregor stated.

M12’s Perspective on the Market

M12 Principal James Wu highlighted the exponential growth in deepfake videos and synthetic media. He noted that misused manipulated media can lead to political disruption, reputational damage, and fraudulent claims.

“The increasing prevalence of synthetic media presents a growing business risk for corporations, particularly established brands, and solutions like Truepic will become essential components of a comprehensive fraud management strategy,” Wu explained via email.

A Pioneer in Provenance Technology

Wu further described Truepic as a “pioneer” in provenance technology, which M12 believes is the most reliable method for ensuring the integrity of data within photo and video files.

“While significant investment has focused on synthetic media, few are addressing the countermeasure – the risks associated with its malicious use. Truepic is leading the way in providing tools to maintain a shared understanding of reality online.”

Future Plans and Expansion

The newly acquired capital will be allocated, in part, to accelerate the launch of Truepic Lens, a new product designed to enable “trusted” image capture within third-party applications, regardless of industry or application. This will establish a unified integration point for customers requiring trusted media for their services.

Additionally, the funds will support increased distribution of the company’s existing flagship product, Truepic Vision, a platform for requesting and instantly reviewing trusted photos and videos from any location globally.

Team Growth

Truepic also intends to expand its team, currently comprising 50 employees, up from approximately 25 a year ago. McGregor anticipates doubling the team size to 100 within the next 18 months.