TrustStamp is an artificial intelligence (AI) platform providing identity authentication on a global basis. The company is raising up to $6.875 million in a Series securities offering on SeedInvest.
According to the offering page, TrustStamp is selling preferred equity at a pre-money valuation of $25 million. The Series A funding round currently stands at around $4.3 million backed by over 1,780 individual investors.
The last funding round raised $3 million in 2018 at a pre-money valuation of $17 million. Since the company launched, TrustStamp has raised over $8.3 million in growth capital,
Digital identification processes are quickly becoming the norm and not the exception. But just like any other data point, this data can be pilfered and used in nefarious ways. TrustStamp seeks to address this weak point with a unique process where its proprietary tech is the only path to decipher the information. To quote the offering page:
“Our solutions revolve around a proprietary process by which a deep neural network irreversibly converts biometric and other identifying data, from any source, into an “EgHash” which serves as a secure tokenized identity. We improve a biometric vendor’s accuracy by combining multiple of their samples. We can even fuse multiple modalities of biometrics (face, palm, finger, iris, voice, gait, and beyond) into a single EgHash-identity.”
This “EgHash” process is designed to protect against data leaks and identity thefts – something everyone needs to be concerned about. We have all read about the many data breaches and ID thefts that seem to occur with growing frequency.
So what type of traction has TrustStamp generated so far?
In 2019, TrustStamp earned $2.1 million in revenue a 152% year over year growth compared to 2018. According to the offering page, current customers include Mastercard International and Synchrony Financial, a large private label credit card provider in the U.S. with over 80 million accounts. The overall market is enormous but competitive. TrustStamp points to research that indicates forecasts that by 2023, 5 billion biometric capable mobile devices will authenticate $2 Trillion of transactions annually. A pretty big number.
If you are interested, the offering circular provides additional information. It is available here.
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