Total amount raised
$35.8 Millions
Latest funding date
09/01/2021
Location
Title
Truepic has successfully raised $35.8 million over three funding rounds, with the latest being a Series B round in September 2021.
Their flagship product, Truepic Vision, enables partners to gather and view trusted visual documentation globally, aiming to restore trust in visual media.
What Is Truepic?
Truepic, founded by Jeffrey McGregor, Jason Lyons, and Craig Stack, is dedicated to restoring trust in digital images. Established in the United States, the company focuses on developing secure camera technology for mobile devices.
Truepic's flagship product, Truepic Vision, allows partners to gather and view trusted visual documentation from anywhere in the world. The company aims to build a transparent digital world by verifying reality in the AI era.
With a team of 51-200 employees, Truepic continues to innovate in the field of virtual inspections, ensuring the authenticity of digital content.
How Much Funding Has Truepic Raised?
- Seed Round
- Amount Raised: $1,750,000
- Date: May 2017
- Lead Investors: Jeffrey Parker, Andrew 'Flip' Filipowski, Michael Votto
- Motivation Behind the Round: To develop photo verification technology.
- Series A
- Amount Raised: $8,000,000
- Date: June 2018
- Lead Investors: Dowling Capital Partners, Jeffrey Parker, William Sahlman
- Motivation Behind the Round: To detect deepfake images and videos.
- Series B
- Amount Raised: $26,000,000
- Date: September 2021
- Lead Investors: Microsoft, Adobe, Hearst, Sony Innovation Fund
- Motivation Behind the Round: To verify the authenticity of photos and videos.
Total Amount Raised: $35,750,000
Current Valuation: Not publicly disclosed
Key Investors
- M12 (Microsoft’s venture fund)
- Details: M12 is the venture capital arm of Microsoft, focusing on investments in early-stage technology companies. It aims to support innovative startups that align with Microsoft's strategic interests.
- Investment Focus Areas: Artificial intelligence, cloud computing, cybersecurity.
- Notable Investments: Livongo, Outreach, Innovaccer.
- Adobe
- Details: Adobe is a multinational computer software company known for its products like Photoshop, Acrobat Reader, and Creative Cloud. It has a strong presence in the digital media and marketing sectors.
- Investment Focus Areas: Software, digital media, marketing technology.
- Notable Investments: Frame.io, Marketo, Magento.
- Sony Innovation Fund by IGV
- Details: This venture capital fund by Sony invests in innovative technology startups. It aims to foster new technologies and business models that can complement Sony's existing businesses.
- Investment Focus Areas: Technology, entertainment, healthcare.
- Notable Investments: LiquidStack, Light Field Lab, Quantum Machines.
- Hearst Ventures
- Details: Hearst Ventures is the venture capital arm of Hearst Corporation, investing in early-stage and growth-stage companies. It focuses on media, information, and technology sectors.
- Investment Focus Areas: Media, information, technology.
- Notable Investments: BuzzFeed, Roku, Pandora.
- Stone Point Capital
- Details: Stone Point Capital is a private equity firm that invests in businesses within the global financial services industry. It has a history of supporting companies through various stages of growth.
- Investment Focus Areas: Financial services, insurance, asset management.
- Notable Investments: AmTrust Financial Services, Alliant Insurance Services, Genex Services.
What's Next for Truepic?
Truepic stands at the cusp of significant opportunities, with its technology poised to revolutionize industries like insurance, banking, and automotive. The launch of Truepic Lens and the expansion of Truepic Vision promise to enhance the authenticity of visual media, addressing a market need that has only grown during the pandemic. With over 100 enterprises already on board and a 300% revenue growth last year, the potential for further expansion is immense.
As Truepic continues to innovate, future fundraising rounds seem likely to support its ambitious growth plans. The company aims to double its team and accelerate product releases, which may attract additional investment. However, challenges such as scalability, competition, and maintaining rapid growth could test Truepic's resilience. Ensuring the reliability of its technology and gaining widespread adoption will be crucial as the company navigates these hurdles.
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