A Liverpool tech firm that has developed an artificial intelligence platform to verify the identity of document signatories has raised £1.15m of new investment. Tony McDonough reports

Liverpool tech firm Videosign has secured investment of £1.15m as it looks to develop its online security platform.

The company, which also has a base in Glasgow, has developed an electronic signature platform that uses artificial intelligence-powered facial recognition and video technology to verify the identity of document signatories.

Its new investment has come from the Moonstone Group, which provides a portfolio of compliance, education and fintech services to the financial services market in South Africa.

Videosign chief executive, Steven Tallant, said: “Videosign already offers unprecedented levels of security and confidence for anyone using electronic signatures. This new investment will help us to continue Videosign’s development and offer even higher levels of security to our clients.”

Videosign is an online meeting platform with the facility to record video and other evidence such as IP addresses and timestamps to allow for e-commissioning and remote witnessing of signatures on legal documents ranging from affidavits to contracts.

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The platform’s AI-powered facial recognition software compares an individual with their passport or driving licence photo to confirm their identity. It also has the ability to link to external identity databases for further checks.

Tamper-proof electronic signatures can then be made, witnessed by everyone in the meeting and backed up with video and metadata evidence. The technology is already being used by a number of financial advisors.

Hjalmar Bekker, chief executive of Moonstone, added: “Use of Videosign is well established at Moonstone, and it is a platform we trust for a range of business applications, from remote contracting to exam invigilation.

Use of electronic signatures is only going to increase, and we believe that Videosign will play a pivotal role in its growing acceptance among users, bringing document-signing into the 21st century.”