Trust Stamp reveals $8.84M in funding for biometrics innovation, commercialization
The hot streak for biometrics investments continues with Trust Stamp raking in $8.84 million from new and existing investors to further develop and commercialize its biometrics and digital identity solutions.
“Trust Stamp’s unique proposition of privacy-first, secure, and accessible biometric and digital identity solutions continues to be validated with the support of both new and returning Shareholders, strategic international partnerships, and cross-industry demand for our scaling portfolio of transformative identity, data protection, and fraud-prevention capabilities,” states Trust Stamp CEO Gareth N. Genner.
Genner says the funds position Trust Stamp to capitalize on market opportunities by addressing the emerging digital ID needs of consumers and organizations, and reiterated the company’s plans to uplist to the Nasdaq.
Trust Stamp announced a combined public and private fundraising round in August, 2021, with an initial target of $5 million. The fundraise was intended to support the equity requirements of shareholders for the company’s application to list on the Nasdaq exchange, and its goal was increased to $6.2 million in consultation with Nasdaq officials.
That round has now closed successfully with just over 3.8 million new share of Class A Common Stock and just under 1.4 million new warrants issued. Each share in the funding round is paired with a warrant for an additional share, at $4 each. Second Century Ventures LLC, one of Trust Stamp’s earliest investors, led the round, which also included participation from its subsidiary Reach Ventures LLC.
Investor interest prompted Trust Stamp to decrease the minimum investment size from $5,000 to $1,000 during the round.
The company has now raised a total of $30.05 million to date, according to the announcement.