Strengths
- $1.25B unicorn status is corroborated by supplied CB row and company timeline.
- Public product/docs show active multi-module identity platform.
- About/careers/Greenhouse show global founder-led organization and active hiring.
Diligence report
Incode Technologies
Incode Technologies Startup Diligence Report
Incode may benefit from durable demand for AI-era identity verification, deepfake defense and KYC/AML, but valuation support depends on proving paid usage, retention, gross margin, model performance and compliant data rights.
Company profile
Incode Technologies Startup Diligence Report
Eligible private-unicorn target with strong public evidence of active operations, broad IDV product surface, enterprise references, security/privacy positioning and continued hiring. Financial, customer, cap-table, legal/IP and control evidence remains high-gap.
- Website
- www.incode.com
- Sector
- Enterprise technology: AI-powered identity verification, KYC/KYB/AML, biometrics, deepfake detection and fraud prevention
- Geography
- United States / San Francisco listing with public offices and operations across North America, Latin America, Europe, Serbia, Israel and the UK
- Stage
- Private unicorn / Series B growth-stage enterprise technology company
- Known aliases
- Incode, Incode Technologies, Inc., Incode Omni
- Report version
- 1.0
- Timezone
- UTC
Executive summary
Risks
- No public financial statements, ARR, margins, burn or debt.
- Biometric/privacy regulation and cross-border data exposure.
- Crowded IDV/KYC market may pressure pricing and differentiation.
Gaps
- Audited financials, ARR bridge, gross margin and cash runway
- Cap table, investor rights and acquisition consideration
- Customer concentration, contracts and renewal/churn data
- Independent model benchmarks and security/privacy reports
- Comprehensive litigation/IP/regulatory search
Risk register
R-001: Financial opacity and quality-of-revenue risk
No public audited financials, ARR, gross margin, burn, debt or cash runway.
Diligence request: Obtain audited financials, management accounts, ARR bridge, QoE, cash/debt and sales productivity metrics.
R-002: Valuation durability and preference-stack risk
$1.25B valuation is a 2021 anchor; current mark, preferences and financing needs unknown.
Diligence request: Request cap table, financing docs, 409A history, investor rights and financing plan.
R-005: Biometric privacy and regulated-industry exposure
Biometric processing and regulated-sector sales create enforcement/class-action risk.
Diligence request: Obtain DPIAs, consent/deletion proof, regulator correspondence and privacy counsel assessment.
R-009: Security/compliance evidence scope risk
Trust Center lists certifications but reports/scope/exceptions are gated.
Diligence request: Review SOC/ISO/FedRAMP reports, pentests, remediations and subprocessors.
R-003: Customer concentration and renewal risk
Public logos do not disclose revenue weights, renewal status, NRR or churn.
Diligence request: Request top-customer revenue, cohort retention, contracts and reference calls.
R-004: Crowded IDV/KYC market and pricing pressure
Multiple overlapping competitors in IDV, biometrics and fraud protection.
Diligence request: Review win/loss, pricing, competitor benchmarks and churn displacement.
R-006: AI/deepfake technical arms race
Differentiation depends on proprietary AI/deepfake performance against evolving attacks.
Diligence request: Request independent benchmarks, model governance and red-team results.
R-010: International operations and data-transfer complexity
Offices/customers/data processing span many countries with privacy, employment and tax obligations.
Diligence request: Request transfer-impact assessments, local counsel memos and payroll/tax compliance.
01Financial Information
Funding/valuation anchors are public; operating financials, cap table and forecasts are private.
I.A Annual and quarterly financial information for the past three years
not publicly verifiable confidence: high
No audited financials, management reports, backlog or AR aging are public; scale metrics are proxies only.
Evidence gaps
- Financial statements, revenue detail, backlog and AR aging missing.
Hidden risks
- Usage metrics may mask low monetization or concentration.
Follow-up questions
- Provide audited financials, management accounts, ARR bridge, backlog and AR aging.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Trust checks | 4.1B+ trust checks in 2024 | partially_verified | Paid vs free/test reconciliation |
| Document verifications | 340M+ document verifications | partially_verified | Paid volume and margin |
| ARR/revenue/runway | Not disclosed | not_publicly_verifiable | ARR bridge, GAAP revenue, cash/debt |
| Organic growth | 80% y/y organic growth claim | partially_verified | Baseline and bridge |
I.B Financial Projections
not publicly verifiable confidence: high
Public materials show growth/M&A claims but no forecasts or assumptions.
Evidence gaps
- Three-year forecast, capex, working capital and financing assumptions missing.
Hidden risks
- Forecasts may depend on M&A, pilots or long enterprise cycles.
Follow-up questions
- Provide board-approved model, pipeline, cohort retention and downside cases.
I.C Capital Structure
not publicly verifiable confidence: high
Series B private status and M&A activity are visible; ownership and debt are private.
Evidence gaps
- Cap table, options, warrants, debt and M&A terms not public.
Hidden risks
- Hidden preferences, debt or earnouts could affect economics.
Follow-up questions
- Provide cap table, financing docs, option plan, debt and M&A agreements.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Founders/common | Founder/CEO public; ownership not public | partially_verified | Founder equity and vesting |
| Series B investors | Task row lists Dila Capital, Framework Ventures, 3L; full stack unknown | partially_verified | Investor rights/preferences |
| Options/debt | No public schedule | not_publicly_verifiable | Option ledger, debt and liabilities |
| Status | Series B | Alive; no SEC ticker exact match | partially_verified | Counsel status confirmation |
I.D Other financial information
partially verified confidence: medium
Financing history is partly visible; tax/accounting policies are private.
Evidence gaps
- Tax/NOL, accounting memos and round-by-round ownership missing.
Hidden risks
- No tax, revenue-recognition or current-basis detail.
Follow-up questions
- Provide tax schedules, accounting policies and financing history.
| item | public evidence | status | diligence request |
|---|---|---|---|
| 2015 founding | Founded by Ricardo Amper in San Francisco | verified | Incorporation and founder stock records |
| 2021 Series B/unicorn | $220M last raised and $1.25B valuation anchor | partially_verified | Full round docs and investor allocation |
| M&A expansion | AuthenticID and MetaMap acquisition signals | partially_verified | Purchase terms and integration budget |
02Products
Incode markets broad AI identity products; pricing and unit economics remain opaque.
II.A Description of each product
partially verified confidence: medium
Public pages support orchestration, IDV, biometrics, deepfake detection, workforce and developer integrations; SKU economics are not public.
Evidence gaps
- SKU revenue, pricing, model reports, roadmap and margin missing.
Hidden risks
- Performance and dependency quality may vary by jurisdiction.
Follow-up questions
- Provide product P&L, price book, roadmap, model governance and customer metrics.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Orchestration Platform | Dashboard, workflows, analytics, case management | verified | Usage/uptime |
| Identity Verification | Document, face, liveness, OCR, age and AI checks | partially_verified | Benchmarks/product P&L |
| Deepsight | Behavior/device/camera/perception deepfake layers | partially_verified | Independent benchmark |
| APIs/SDKs/Workforce | Developer docs and featured product navigation | verified | API adoption/support burden |
| item | public evidence | status | diligence request |
|---|---|---|---|
| List price | No sampled public pricing; demo CTAs | not_publicly_verifiable | Price book/discount waterfall |
| Partner pricing | Preferred partner-tier pricing mentioned | verified | Channel margin/deal protection |
| Competitor price | Not collected publicly | not_publicly_verifiable | RFP/win-loss pricing |
| item | public evidence | status | diligence request |
|---|---|---|---|
| Docs breadth | Onboarding, modules, consent, government sources, SDKs | verified | API uptime/developer satisfaction |
| Workflow/case management | No-code flows and case review | verified | Manual-review productivity |
| AI/deepfake roadmap | Deepsight/Risk AI/Agentic Identity positioning | partially_verified | Roadmap/adoption |
| AuthenticID integration | Acquisition announcement | partially_verified | Migration KPIs |
03Customer Information
Customer and partner logos are public; concentration, churn, renewal and supplier spend are private.
III.A Top customers by application
partially verified confidence: medium
Enterprise references are visible but top-15 customer spend by application is not.
Evidence gaps
- Top customer list and YTD revenue by application missing.
Hidden risks
- Logo pages can overstate customer depth.
Follow-up questions
- Provide top-15 customer schedule, contracts and reference calls.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Experian | Ascend Platform integration testimonial | partially_verified | Contract scope/ARR |
| Citi | Account-opening testimonial | partially_verified | Production volume/renewal |
| Equifax | Digital Solutions partnership testimonial | partially_verified | Integration terms |
| Rappi/Rappibank, Banco Dondé, Klar | LATAM banking/digital onboarding testimonials | partially_verified | Current ARR/status |
III.B Strategic relationships
partially verified confidence: medium
Partner directory lists resellers, SIs, OEM/MSP partners and integrations; revenue contribution unknown.
Evidence gaps
- Partner revenue, pipeline and agreements not public.
Hidden risks
- Partner listings may not equal material revenue.
Follow-up questions
- Provide partner contracts, sourced ARR, reseller margin and pipeline.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Carahsoft | Public-sector channel quote | partially_verified | Contract/pipeline |
| NTT Data/Optiv/SHI/Guidepoint/Tec360/Ahead | Channel/SI partners | partially_verified | Sourced ARR/deals |
| Temenos/HubSpot/Zendesk/Freshservice | Platform integrations | partially_verified | Adoption/support cost |
| Digital Check/Verifone/Castles | Hardware integrations | partially_verified | Certification/dependency terms |
III.C Revenue by customer
not publicly verifiable confidence: high
No public customer revenue percentages.
Evidence gaps
- Revenue by customer, NRR/GRR and churn missing.
Hidden risks
- Large banks/governments could drive concentration.
Follow-up questions
- Provide customer concentration, NRR/GRR and renewal pipeline.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Top customer | Not publicly identified | not_publicly_verifiable | ARR/margin/term |
| Bank/fintech references | Citi, Rappi/Rappibank, Banco Dondé, Klar | partially_verified | Revenue by logo |
| Enterprise/data partners | Experian/Equifax testimonials | partially_verified | Partner vs customer split |
| Government/public sector | Carahsoft/government signals | partially_verified | Award status/compliance |
III.D Significant relationships severed within the last two years
not publicly verifiable confidence: low
No public severed-relationship evidence found; absence is not assurance.
Evidence gaps
- Churned relationships and terminations private.
Hidden risks
- Lost regulated customers may not be announced.
Follow-up questions
- Provide churn, loss reviews and termination notices.
III.E Top suppliers
not publicly verifiable confidence: high
Integrations and government sources are public; supplier spend/cloud/SLAs are not.
Evidence gaps
- Vendor list, spend, SLAs and DPAs missing.
Hidden risks
- Government/cloud/subprocessor dependencies could affect availability/compliance.
Follow-up questions
- Provide vendor spend, subprocessors, government agreements and SLAs.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Cloud infrastructure | Vendor not disclosed | not_publicly_verifiable | Cloud spend/SLAs/DR |
| Government SoR checks | Docs list government sources | verified | Contracts/costs/fallback logic |
| Subprocessors/data vendors | Trust Center references gated subprocessors | not_publicly_verifiable | Subprocessor list/DPAs |
| Acquired platforms | AuthenticID/MetaMap signals | partially_verified | Novations/integration plan |
04Competition
Crowded IDV/KYC/biometrics market; win rates, pricing and share private.
IV.A Competitive landscape by market segment
partially verified confidence: medium
CB lists multiple IDV/biometric competitors; Incode differentiates on AI scale, orchestration and trust claims.
Evidence gaps
- Market share, win/loss, pricing and benchmarks missing.
Hidden risks
- IDV checks may commoditize and pressure price.
Follow-up questions
- Provide win/loss, analyst reports, benchmarks and pricing comparisons.
| item | public evidence | status | diligence request |
|---|---|---|---|
| IDVerse | AI IDV/fraud protection SaaS | verified | Funding/pricing/win-loss |
| Veriff | AI-driven verification for fraud/KYC | verified | Benchmarks/pricing |
| Innovatrics | Biometric/facial/fingerprint recognition | verified | Vertical overlap |
| ID.me / IDMission / FRS Labs | Digital identity, biometrics, onboarding/auth | verified | Funding/customer overlap |
| item | public evidence | status | diligence request |
|---|---|---|---|
| AI/deepfake | Deepsight and 35+ AI model claims | partially_verified | Independent benchmarks |
| Data scale | 4.1B+ checks and 400M profiles | partially_verified | Audited paid usage |
| Enterprise compliance | Trust Center certifications | partially_verified | Reports/scope/exceptions |
| Distribution/price | Partner directory plus quote-led pricing | partially_verified | Partner ARR/price waterfall |
| item | public evidence | status | diligence request |
|---|---|---|---|
| AI fraud/deepfakes | Deepsight page emphasizes threat | verified | Demand and benchmarks |
| Biometric/privacy regulation | Privacy policy has biometric/Illinois/CCPA/GDPR sections | verified | DPIAs/compliance evidence |
| Enterprise security requirements | Trust Center certifications | partially_verified | Current reports |
| Partner/channel conflict | Broad partner ecosystem | partially_verified | Margins/exclusivity |
05Marketing, Sales, and Distribution
GTM uses direct enterprise sales, partners, integrations and content; productivity/private CAC unavailable.
V.A Strategy and implementation
partially verified confidence: medium
Public evidence shows verticalized enterprise positioning and partner/content channels.
Evidence gaps
- Marketing budget, attribution and ROI not public.
Hidden risks
- Vertical breadth increases regulatory complexity.
Follow-up questions
- Provide GTM plan, source mix, partner ARR and CAC/payback.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Direct enterprise demo | Demo CTAs and vertical pages | verified | Conversion/sales cycle |
| Channel partners/resellers/SIs | Partner directory/Carahsoft | partially_verified | Partner ARR |
| Platform integrations | Temenos, HubSpot, Zendesk, hardware | partially_verified | Adoption/support cost |
| M&A expansion | AuthenticID and MetaMap signals | partially_verified | Cross-sell/retention |
| item | public evidence | status | diligence request |
|---|---|---|---|
| Customer testimonials | Experian, Citi, Equifax and LATAM banking quotes | partially_verified | Reference calls/contracts |
| Analyst/review positioning | Gartner/Liminal/G2 claims | partially_verified | Full reports/methodology |
| Trust marketing | Trust Center visible | partially_verified | Reports/exceptions |
| AI/deepfake content | Deepsight messaging | partially_verified | Campaign performance |
V.B Major Customers
partially verified confidence: medium
Named testimonials show credibility but not account status or pipeline.
Evidence gaps
- Account plans and expansion pipeline private.
Hidden risks
- Major accounts may concentrate pipeline/resources.
Follow-up questions
- Provide account plans and renewal forecast.
V.C Principal avenues for generating new business
partially verified confidence: medium
Avenues include demo requests, partner co-sell, integrations and content/analyst signals.
Evidence gaps
- Inbound conversion, outbound productivity and channel mix missing.
Hidden risks
- Enterprise sales may be long and costly.
Follow-up questions
- Provide funnel metrics, source mix and sales cycle.
V.D Sales force productivity model
not publicly verifiable confidence: high
Sales roles are public; quotas, ramp and cycles are private.
Evidence gaps
- Sales compensation, quota, cycle and new-hire plan missing.
Hidden risks
- Scaling sales before productivity proof could reduce runway.
Follow-up questions
- Provide quota attainment, ramp, CAC/payback and hiring plan.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Quota/attainment | Not disclosed; sales hiring public | not_publicly_verifiable | Quota/ramp by cohort |
| Sales cycle/CAC | Not disclosed | not_publicly_verifiable | Cycle/CAC/payback/spend |
| Channel productivity | Partner directory only | partially_verified | Partner pipeline/margin |
| Pricing/discounting | Quote-led/no public price | not_publicly_verifiable | Price book/win-loss |
V.E Ability to implement marketing plan with current and projected budgets
not publicly verifiable confidence: high
Budget sufficiency cannot be assessed from public sources.
Evidence gaps
- Marketing budget, runway and hiring budget private.
Hidden risks
- Inefficient CAC could force financing.
Follow-up questions
- Provide operating plan, marketing budget and runway analysis.
06Research and Development
R&D evidence centers on AI/ML, IDV, deepfake detection, government sources and integrations; budget/model governance private.
VI.A Description of R&D organization
partially verified confidence: medium
Leadership and jobs show CTO/Head of AI plus engineering, ML, data, DevOps and QA hiring.
Evidence gaps
- R&D spend, model governance, incidents and technical debt private.
Hidden risks
- Fraud/AI vectors can outpace R&D.
Follow-up questions
- Provide R&D org chart, roadmap, governance, QA and incidents.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Jovan Jovanovic | Chief Technology Officer | verified | Employment agreement/references |
| Alex Golunov | Head of AI | verified | Model governance ownership |
| Roman Karachinsky | Chief Product Officer | verified | Roadmap ownership |
| Open R&D roles | Backend, DevOps, Staff, ML, Data, QA roles | verified | Hiring plan/attrition |
| item | public evidence | status | diligence request |
|---|---|---|---|
| Model data/profiles | 400M profiles and 4.1B+ checks claimed | partially_verified | Data provenance/model cards/bias tests |
| Government SoR checks | Docs list countries | verified | Contracts/fallback logic |
| Security controls | Trust Center certifications | partially_verified | Reports/remediation tracker |
| Acquired platforms | AuthenticID/MetaMap signals | partially_verified | Technical DD/migration plan |
VI.B New Product Pipeline
partially verified confidence: medium
Deepsight/Risk AI/Agentic Identity/Workforce and AuthenticID integration are public signals; costs/adoption unknown.
Evidence gaps
- Project status, development cost, dependencies and adoption missing.
Hidden risks
- Integration or model shortcomings could slow roadmap.
Follow-up questions
- Provide roadmap, R&D budget, integration plan and beta feedback.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Deepsight | Product page/benchmark claims | partially_verified | False-positive/negative cohorts |
| Risk AI Agent / Agentic Identity | Featured navigation | partially_verified | Roadmap/adoption |
| Government verification sources | Docs list countries | verified | Contracts/coverage |
| AuthenticID integration | Acquisition announcement | partially_verified | Integration milestones |
07Management and Personnel
Public evidence verifies founder-led leadership, 600+ Incoders and active hiring; comp, equity, turnover and HR issues private.
VII.A Organization Chart
partially verified confidence: medium
Public org chart can be approximated from executive roles; formal lines and board oversight private.
Evidence gaps
- Formal org chart, board committees and succession plan missing.
Hidden risks
- Founder/key-person dependence and succession risk.
Follow-up questions
- Provide org chart, board materials and executive agreements.
Reporting lines inferred from executive hierarchy.
VII.B Historical and projected headcount by function and location
partially verified confidence: medium
Company claims 600+ Incoders and 15 fetched open roles across functions/locations.
Evidence gaps
- Historical headcount, attrition and forecasts private.
Hidden risks
- Multi-country hiring increases payroll/tax/compliance complexity.
Follow-up questions
- Provide HRIS export, plan, recruiting funnel and attrition.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Global team | 600+ Incoders, 25+ nationalities | partially_verified | HRIS export |
| Offices | New York, Belgrade, Mexico City, Madrid, London, Tel Aviv, Barcelona | verified | Payroll/tax entity map |
| R&D hiring | Backend, DevOps, Staff, ML, Data, QA roles | verified | Hiring plan/attrition |
| Sales/G&A hiring | AE, Account Manager, SLED AE, Total Rewards | verified | Sales capacity model |
VII.C Senior management biographies
partially verified confidence: medium
Senior management names/roles are public; details and background checks private.
Evidence gaps
- Detailed bios, references, background checks and equity ownership private.
Hidden risks
- Public bios may omit disputes or covenants.
Follow-up questions
- Provide bios, references, agreements and equity holdings.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Ricardo Amper | Founder & CEO; founded June 17, 2015 | verified | Equity/agreement/references |
| Jovan Jovanovic / Alex Golunov / Roman Karachinsky | CTO / Head of AI / CPO | verified | Detailed bios/retention |
| Jesse Franklin / Marianna Amper | CFO / SVP Strategic Finance | verified | Finance controls/related-party review |
| Jose Baltazar / Iñigo Castillo / Diego Creel | Business operations and regional heads | verified | Regional P&L/employment terms |
VII.D Compensation arrangements
not publicly verifiable confidence: high
No public executive compensation, benefits or severance terms.
Evidence gaps
- Employment agreements, comp plans and benefits costs missing.
Hidden risks
- Change-of-control payments can affect economics.
Follow-up questions
- Provide compensation summary and benefits docs.
VII.E Incentive stock plans
not publicly verifiable confidence: high
No public option plan, grant schedule or 409A materials.
Evidence gaps
- Stock plan and grant ledger private.
Hidden risks
- Option pool and retention grants can dilute investors.
Follow-up questions
- Provide stock plan, grant ledger, vesting and 409A history.
VII.F Significant employee relations problems, past or present
not publicly verifiable confidence: low
No public employee-relations dispute evidence; absence not proof.
Evidence gaps
- HR complaints, settlements and regulator correspondence private.
Hidden risks
- Employment issues can remain non-public.
Follow-up questions
- Provide HR/legal matters summary and complaint logs.
VII.G Personnel Turnover
not publicly verifiable confidence: high
Turnover data is not public; hiring may reflect growth or backfills.
Evidence gaps
- Turnover, regretted attrition and retention data missing.
Hidden risks
- High R&D/sales attrition could impair execution.
Follow-up questions
- Provide 24-month attrition, exit themes and retention grants.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Executive departures | No departure list in sampled sources | not_publicly_verifiable | Departure history |
| Functional attrition | Open roles only | not_publicly_verifiable | 24-month attrition by function/location |
| Employee relations | Culture statements only | not_publicly_verifiable | Complaint/settlement summary |
08Legal and Related Matters
Privacy/security posture is public; comprehensive litigation, IP, insurance, contracts and regulatory review requires counsel/data room.
VIII.A Pending lawsuits against the Company
inconclusive confidence: low
No obvious pending lawsuits in broad search screens; no comprehensive docket search.
Evidence gaps
- PACER/state/international docket results and counsel summary missing.
Hidden risks
- Biometric, AI, employment or contract disputes could exist outside indexed search.
Follow-up questions
- Provide litigation docket, demand letters and counsel letter.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Broad lawsuit search | No obvious pending lawsuit in top fetched results | inconclusive | PACER/state/international docket search |
| Biometric/BIPA exposure | Privacy policy confirms biometric processing/Illinois section | risk_area_no_case_verified | Privacy counsel memo/complaint history |
| Comprehensive docket review | Not performed publicly | not_publicly_verifiable | Counsel response letter |
VIII.B Pending lawsuits initiated by Company
inconclusive confidence: low
No public company-initiated litigation identified in sampled sources.
Evidence gaps
- Affirmative claims and arbitration private.
Hidden risks
- IP enforcement or collections may not appear in broad search.
Follow-up questions
- Provide schedule of claims and counsel memo.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Company-initiated cases | No visible top-result initiated litigation | inconclusive | Counsel schedule of claims |
| IP enforcement/trade secrets | No exact patent result; enforcement not searched comprehensively | not_publicly_verifiable | IP litigation/demand letters |
| Collections/customer disputes | Not public | not_publicly_verifiable | AR disputes/arbitration |
VIII.C Environmental and employee safety issues and liabilities
not publicly verifiable confidence: low
Software/identity operations suggest low environmental exposure; workplace matters private.
Evidence gaps
- EHS policies, workers comp and incident logs private.
Hidden risks
- Global offices create local compliance issues.
Follow-up questions
- Provide EHS/workplace incident summary.
VIII.D Material patents, copyrights, licenses, and trademarks
inconclusive confidence: low
Exact patent search inconclusive; trademarks/copyrights not exhaustive.
Evidence gaps
- IP schedule, OSS/SBOM, AI training-data rights and assignments missing.
Hidden risks
- Model IP/training data rights or acquired IP chain may be weak.
Follow-up questions
- Provide IP schedule, assignments, OSS/SBOM and acquisition IP records.
| item | public evidence | status | diligence request |
|---|---|---|---|
| Proprietary AI/ML models | 35+ AI models claimed | partially_verified | IP ownership/model cards/data rights |
| Patents/trademarks | Exact patent search inconclusive; trademark not exhaustive | inconclusive | Formal IP schedule/search |
| Security certifications | SOC2/ISO/HIPAA/FedRAMP/ACCS/Kantara listed | partially_verified | Reports/scope/exceptions |
| Biometric/privacy obligations | Privacy policy covers biometric/Illinois/CCPA/GDPR | verified | DPIAs/consent/deletion logs |
| Material contracts | Partner/docs pages do not disclose terms | not_publicly_verifiable | Contract register/DPAs/SLAs/indemnities |
VIII.E Insurance coverage and material exposures
not publicly verifiable confidence: high
No public cyber/E&O/D&O/EPLI policy limits or exclusions.
Evidence gaps
- Insurance policies and claims history missing.
Hidden risks
- Identity vendors face cyber, privacy and E&O exposure.
Follow-up questions
- Provide insurance schedule and claims history.
VIII.F Material contracts
not publicly verifiable confidence: high
Material customer, vendor, data, partner and M&A contracts are not public.
Evidence gaps
- Top contracts, DPAs, SLAs, indemnities and M&A agreements missing.
Hidden risks
- DPAs, SLAs, indemnities and data-source terms may be material.
Follow-up questions
- Provide contract register and key agreements.
VIII.G Regulatory agency problems
partially verified confidence: medium
Trust Center and Privacy Policy show compliance posture; broad searches found no obvious enforcement, but biometric/privacy risk remains core.
Evidence gaps
- Regulator correspondence, DPIAs, audits and incident history missing.
Hidden risks
- Biometric, age-verification, KYC/AML, cross-border and AI rules can create enforcement risk.
Follow-up questions
- Provide reports, DPIAs, consent records, regulator correspondence and incident logs.
Evidence
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | Incode is a $1.25B private unicorn per supplied CB row and company timeline. | verified high | SRC-001SRC-002 |
| EC-002 | CB profile lists Incode as Founded 2015, Series B | Alive, $257M total raised and $220M last raised. | verified medium | SRC-013 |
| EC-003 | Incode was founded in San Francisco in 2015 and claims 600+ Incoders and 25+ nationalities. | verified medium | SRC-002 |
| EC-004 | Incode markets end-to-end orchestration for KYC, KYB, AML, age verification, cases, analytics and APIs/SDKs. | verified medium | SRC-004 |
| EC-005 | Incode claims proprietary AI/ML, facial recognition, liveness, document verification, OCR, age estimation and 35+ AI models. | partially verified medium | SRC-005 |
| EC-006 | Deepsight is marketed as multi-layer deepfake detection across behavioral, device, camera and perception layers. | partially verified medium | SRC-006 |
| EC-007 | Incode claims 4.1B+ trust checks, 340M+ document verifications, 400M profiles and 99.99% reliability. | partially verified medium | SRC-003 |
| EC-008 | Public testimonials/logos include Experian, Rappi/Rappibank, Banco Dondé, Klar, Citi and Equifax. | partially verified medium | SRC-003 |
| EC-009 | Incode publishes channel, SI, OEM/MSP and platform-integration partners. | partially verified medium | SRC-012 |
| EC-010 | Trust Center lists SOC2, ISO/IEC 27001/30107/42001, HIPAA, FedRAMP Class C, ACCS and Kantara/IAL2 signals. | partially verified medium | SRC-007 |
| EC-011 | Privacy Policy discloses biometric processing, processor role, GDPR/CCPA rights and Illinois biometric retention language. | verified medium | SRC-008 |
| EC-012 | Developer docs show onboarding lifecycle, modules, government verification sources, consent and web/SDK integrations. | verified medium | SRC-009 |
| EC-013 | Greenhouse shows open roles across G&A, R&D, engineering, ML/data, QA and sales in multiple locations. | verified medium | SRC-011 |
| EC-014 | Incode lists senior leaders led by Founder & CEO Ricardo Amper. | verified medium | SRC-002 |
| EC-015 | Incode announced acquiring AuthenticID and claimed 80% organic growth and 4.1B+ checks for the combined company. | partially verified medium | SRC-014 |
| EC-016 | Public signals indicate Incode acquired MetaMap assets/subsidiaries in Brazil and Mexico in 2024. | partially verified medium | SRC-015SRC-013 |
| EC-017 | CB identifies competitors IDVerse, Veriff, Innovatrics, FRS Labs, ID.me and IDMission. | verified medium | SRC-013 |
| EC-018 | SEC ticker-list exact screen found no Incode match. | partially verified medium | SRC-016 |
| EC-019 | Broad legal search screens did not surface obvious Incode lawsuits/regulatory actions in top results. | inconclusive low | SRC-017 |
| EC-020 | Exact Google Patents search did not show visible Incode Technologies patent results in fetched excerpt. | inconclusive low | SRC-018 |
| EC-021 | Audited financials, ARR, concentration, gross margin, runway, debt and cap table are not publicly disclosed. | not publicly verifiable high | SRC-013 |
| EC-022 | Public pricing appears enterprise/demo-led; no sampled public price book was found. | partially verified medium | SRC-019 |
| EC-023 | Incode targets regulated verticals: financial services, healthcare, gaming/gambling, ecommerce, public sector and social media. | verified medium | SRC-002 |
| EC-024 | Supplier spend, top cloud providers, insurance and material contracts are not public. | not publicly verifiable high | SRC-009 |
| EC-025 | Employee turnover, compensation plans, equity plans and employee relations issues are not public. | not publicly verifiable high | SRC-010 |
| EC-026 | No existing reports/*incode*-diligence-report.yaml was present before writing. | verified high | SRC-001 |
Disclaimer
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.