Engagement — Platform Due Diligence
Code & Co. advises ALSTIN Capital on their investment in NECT, AI-powered verification software
Code & Co. provides Tech & Product Due Diligence to ALSTIN Capital, a European venture fund, on their mid seven-digit growth investment in NECT.
NECT provides automated, secure identity verification. NECT software can instantly detect forgeries and deepfakes. The company pioneered its own “Robo-Ident” technology, which uses sophisticated AI, facial scanning, and data-processing. This technology can eliminate wait-times and human error in a cost-effective manner.
NECT was founded in 2017 by Benny Jurgens and Carlo Ulbrich. Based out of Hamburg, it serves the $20-billion+ security market. NECT’s B2B customers span a range of sectors: insurance, healthcare, and banking, among others. NECT’s Robo-Ident technology was designed to process thousands of identity verifications simultaneously.. Regulated organizations use it to prevent fraud, fulfill compliance requirements, and accelerate identifications.
ALSTIN Capital is an independent venture capital fund based out of Munich. Their portfolio of investments comprises a range of European companies, from small startups to listed $1-billion companies. They specialize in technology, particularly FinTech, InsurTech, and cyber security.
Code & Co. helped ALSTIN Capital become one of the first investors in NECT. Code & Co. provided Tech & Product Due Diligence and a deeply technical risk analysis, including assessment of NECT’s marketing, mobile, and security capabilities.
Lukas Bennemann, partner at ALSTIN, sought a due diligence partner with in-depth technical knowledge of the security vertical. He noted: “It was great to work with Code & Co. They not only had a clear understanding of the industry, they also gave us a relevant set of variables and actions, which they assessed as impactful for the given technology in the future."
In a time of global pandemic, several markets have seen shifts. Some startups - especially those with digital, contactless, and automated functionalities - are poised to scale from the crisis. Code&Co were happy that they could assist ALSTIN Capital in verifying this opportunity.