Turant crowdfunding for voice biometric solution nears completion of early-bird round
Voice biometric solution provider Turant has currently raised $85,572 in crowdfunding on the Wefunder platform, moving steps closer to their $1 million goal.
Munish Khetrapal, vice president of cloud engagement at Palo Alto Networks, is the lead investor as listed on the platform’s page. The first $100K of investments will be in a SAFE (simple agreement for future equity) with a $5 million valuation cap and 20 percent discount.
The New Delhi and California-based company made the announcement on Linkedin, confirming they are also accepting reservations for a Community Round on Wefunder, an online crowdfunding service that connects startups with investors.
“Our mission is to bring in the ~2B+ users who are currently cut out of the digital economy because of inadequate access to authentication and verification. We are inviting friends, family, customers and supporters to be a part of the excitement,” the company wrote.
“The great thing about WeFunder is that it allows anyone – whether they’re an accredited investor or not – to become an angel investor in our company, and you can start with as small as US $100.”
At the same time, the company clarifies that the campaign currently aims at ‘testing the waters’ to gauge investor interest in a regulated crowdfunding offering.
In terms of possible applications for its voice biometric technology, the company mentioned the authorization of financial transactions via phone, call center deployments and passwordless logins, among others.
The company says it has trials active in more than 30 opportunities, and has started generating revenue. Turant’s first order of business is to replace SMS OTPs with voice biometrics.
Turant’s WeFunder campaign comes months after the company launched its language-agnostic voice biometric passwordless login solution, which specifically targets the domestic Indian market.
Research firm MarketsandMarkets forecasts India to be one of the top countries for voice and speech recognition growth, as the global market surges from an estimated $9.4 billion in 2022 to $28.1 billion in 2027, a forecast compound annual growth rate of 24.4 percent.