Trust Stamp raises $6.5 million from individual investors to advance biometric identity tech
Trust Stamp (T Stamp) has secured a $6.5 million equity crowdfunding offering from over 2,700 accredited and unaccredited individual investors through leading investment platform SeedInvest to further develop biometric identity technologies that ensure data privacy and security, accelerate societal and financial inclusion and reduce fraud, the company announced.
Founded five years ago, Trust Stamp has headquarters in Atlanta (US) and Cheltenham (UK), more than 50 employees globally and a pre-money valuation of $25 million.
In May, Trust Stamp raised over $1 million in a Series A round of funding from the general public within two days, after already obtaining $2.575 million off-platform from Mastercard International, FSH Capital, Second Century Ventures and the OnRamp Insurance Accelerator program.
“2020 has been dotted with milestones in the growth of our team, technology portfolio, company initiatives and commercial use,” Trust Stamp President Andrew Gowasack said in a prepared statement. “Trust Stamp’s Series A round has not only provided the financial boost to support this rapid headway while solidifying our existing systems for sustainable growth, but also expanded the reach and potential impact of our mission in the identity space. We are thrilled to welcome each of the 2,778 passionate investors, tech-enthusiasts and identity evangelists to our journey.”
Future plans include a direct public listing on the Euronext Growth Market operated by Euronext Dublin, trading under the AIID ticker symbol (AI for ID).
“The Regulation A process provides a clear path to entering the public market for high-growth companies, and Trust Stamp’s success with the alternative route of funding despite economic uncertainty affirms these next steps,” Goawasack explains in the announcement. “Equity crowdfunding has democratized investing to give people the power to support companies they believe in. Fittingly, that vote of confidence in Trust Stamp takes us closer to a future where equitable, privacy-preserving identity solutions democratize access to the connected world.”
In August, Trust Stamp partnered with P2P software company 10Clouds to release a SaaS solution for biometric identity authentication with enhanced accessibility for customer onboarding.