Videosign, a company that develops electronic signature technology, has secured a £1.15m investment to continue developing its security platform.

The company, with bases in Liverpool and Glasgow, has developed a unique electronic signature platform that uses artificial intelligence-powered facial recognition and video technology to verify the identity of document signatories.

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.”

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

Hjalmar Bekker, Chief Executive of Moonstone, said:

“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.”

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

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.

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Tamper-proof electronic signatures can then be made, witnessed by everyone in the meeting and backed up with video and metadata evidence.

Videosign already enjoys popularity among financial advisors, thanks to the improved customer experience it offers and its integration with the widely-used Iress Xplan advice software.

Steven Tallant said: “This investment is an indication of how integral the Videosign platform has become to Moonstone’s operations. “This is an exciting time for Videosign, and we have plans to continue improving our security features to offer even stronger levels of assurance and compliance to our customers and lead the way in this evolving way of doing business.”