authID.ai results reflect increased mobile face biometrics investment
New York-based authID.ai has announced its financial and operational results for 2021, highlighting its achievements and financial status, with a notable increase in investment in mobile face biometrics, as well as losses over the previous year.
For the year ended December 31, 2021, authID announced $2.3 million in revenue, compared to $2.1 million for the year ended December 31, 2020. Its net loss was $17.7 million for the year ended December 31, 2021, compared with a net loss of $11.3 million for the year ended December 31, 2020.
Notably, the company’s EBITDA loss was $8.96 million, compared with $5.18 million for the year ended December 2020. authID attributes this almost $4 million decrease in operational profitability due to a rise in investment in product management, sales, marketing, and technology.
Among the noteworthy partnerships and growth moves authID took, the company emphasized its market partnership with Microsoft to integrate its flagship face biometrics service ‘Verified,’ on Office 365 and Azure, two patents in the biometric authentication field, and new customers for biometric onboarding and identity verification in banking, financial services, lending, tax services, and a U.S. medical board.
authID stated it met its strategic goals such as being publicly listed on the Nasdaq, completing a $11.5 million fundraising round in August 2021, and hiring new executive leadership.
Tom Thimot, CEO of authID, also confirmed the company’s finalization of its $22.5 million fundraising round, which is intended to provide a runway to the point where the company generates positive cash flow.
“To date, we have built a strong, experienced team and marked a number of achievements in a very short period. I am pleased to announce today that we completed financing of $22.5 million that will support our projected working capital needs through 2023,” Thimot comments. “I want to thank our new and existing investors for this financing which represents a vote of confidence and provides us the resources to continue offering innovative technology that helps build a safer digital landscape for all.”
The company capped off its financial statement by declaring it was recognized as ‘Best ID Management Platform,’ by the 2022 FinTech Breakthrough Awards. authID’s Verified won the prize for offering a cloud-based, face biometric authentication and anti-spoofing ‘liveness confirmation’ that James Johnson, managing director of FinTech Breakthrough, describes as, “a powerfully simple end-to-end identity authentication platform that builds a safer digital landscape for all.”
Thimot says it is an “incredible honor” to have been awarded by FinTech Breakthrough.