ID Verification Startup Incode Seeks Up to $3 Billion Valuation

Incode Technologies Inc., an identity verification platform, is in preliminary talks to raise between $150 million and $300 million from investors at a valuation of as much as $3 billion, according to people familiar with the matter.

The company currently has annual recurring revenue of $170 million, said one of the people, all of whom asked not to be identified discussing private information. The startup did not immediately respond to a request for comment.