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Trust Stamp raises $4M to further biometric market penetration

Microsoft-Nuance deal approved in US
Trust Stamp raises $4M to further biometric market penetration

Trust Stamp has completed a private offering which saw the AI-powered identity solutions company raise $4 million from new and existing partners with the aim of accelerating the commercial growth of its biometric technology.

According to a press release, Trust Stamp issued a total of 260,245 new shares of Class A Common Stock at the close of the transaction which was conducted in two phases. It adds that the first phase, which was launched on March 15, was open to new and existing partners and fetched $3.92 million.

The second phase, the statement notes, was available from April 6 and witnessed a reduction in the minimum investment amount to $5,000 and a subscription price of $19.19 per share in order to increase its accessibility. The sum of $82,133 was raised in this tranche from the issuance of 4,280 new shares.

Gareth Genner, CEO and co-founder of Trust Stamp, hailed the success of the transaction and said the support of both new and existing mission-aligned investors shows their confidence in the company’s strategy for its “secure, privacy-positive and accessible biometric identity technology.”

“This strategic round of funding will better enable us to capitalize on significant and growing opportunities as we pursue an up-listing from the US OTCQX Best Market to the Nasdaq Capital Market in 2021. With the growth in addressable need for secure identity solutions, this capital will also support our furthered market penetration and accelerated commercial growth strategy,” said Genner.

The CEO added: “The majority of subscribers are reinvesting in this round, having previously invested in Trust Stamp during our public Series A round in 2020.”

Upon completion of the private offering, Trust Stamp now has 3,863,896 Class A Common Stock in issue, according to company.

The release also gave some details about related party transactions specifically about the number of new shares subscribed for and their resulting shareholdings on admission.

Microsoft gets anti-trust approval for Nuance deal

A deal by Microsoft to acquire speech technology company Nuance has taken a major step forward by obtaining anti-trust approval from the U.S. government, Reuters reports.

The report mentions that the anti-trust approval was reached following the expiration of the deadline for objection to the deal, which passed on June 1, according to a filing by Nuance.

Nuance said in the filing to the U.S. Securities and Exchange Commission that failure to oppose the deal before the deadline “satisfies one of the conditions to the closing of the merger,” which brings together two of the world’s largest voice biometrics providers.

Reuters also quoted a Microsoft spokesperson as saying that other regulatory approval processes were still ongoing in different jurisdictions with the hope of concluding by year end.

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