FB pixel

Trust Stamp reveals $8.84M in funding for biometrics innovation, commercialization

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.

Those capabilities include an expanding portfolio of patents for biometrics, liveness detection, encryption and ID verification architecture.

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.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News

 

Asian banks deploy biometrics and digital ID for security, additional services

As digital identity gains prominence in a financial industry beset by fraud, nations in Asia are enabling banks to lead…

 

Mobile ID combats fraud, gives holder control of personal data: USPF report

The U.S. Payments Forum (USPF) has published a new white paper entitled “The Role of Mobile IDs in Payments.” Authored…

 

Wyoming plots mobile driver’s license launch for 2025

Wyoming is moving towards the issuance of digital ID in the form of an optional mobile driver’s license, but it…

 

EU publishes rollout schedule for AI Act

The European Union has published the final text of the Artificial Intelligence Act, outlining the most important deadlines for complying…

 

World Bank identifies priority actions for DPI in Equatorial Guinea

A World Bank team has identified immediate actions which the government of Equatorial Guinea should undertake in ramping up its…

 

Some sort of ID could be ‘inevitable’ for UK: lawmakers

The UK is still debating national identity documents and digital identities, with lawmakers and experts arguing that the creation of…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events