authID.ai gets $22M fundraising bridge to projected positive cashflow in 2024
A pair of AI security companies have announced successful fundraises, with authID.ai bringing in $22.5 million to sustain the growth of its biometric authentication services to the point of generating positive cash flow.
The authID funding round is made up of a sale of common stock to a new investor, $9.2 million in newly-issued senior secured convertible promissory notes, and an unsecured standby line of credit facility with an existing major investor. Most of the accredited investors purchasing the notes are previous investors in authID, including members of its board of directors and management.
The company expects its biometric identity authentication will generate positive cash flow on a current basis by 2024.
“I am pleased that we completed this financing round of $22.5 million that will support our projected working capital needs through 2023,” comments Tom Thimot, CEO of authID.ai. “I want to thank our new and existing investors for this financing, which represents a vote of confidence for our future, and provides us the resources to continue offering innovative technology that helps build a safer digital landscape for all.”
AuthID.ai was recently granted a patent for its multi-party multi-factor biometric authentication technique.
Patriot One completes fundraise
Patriot One has raised CA$6,446,070 (approximately US$5.1 million) in a public offering for working capital and general corporate purposes as it builds its AI-based threat detection business.
The funds were raised through the purchase of 10,743,450 units, each made up of a common share and a purchase warrant for another, at an exercise price of CA$0.75 ($0.60). The exercise deadline for the warrants is three years.
The company had intended to raise up to CA$10 million ($7.8 million).