AuthID

authID.ai (formerly Ipsidy) offers mobile biometric identity verification software products on an identity-as-a-service (IDaaS) basis using facial recognition technology. authID products include Verified, authentifID, Proof, Identity Portal, and Search. The company integrates biometric and AI technologies into its products and envisions “payments by face” to facilitate cloud-based biometric payments. authID.ai primarily pitches its solutions for remote user onboarding, online chat user authentication, identity authentication, and money transfer authentication. The company promotes its solution as a secure substitute for one-time passwords and knowledge-based questions. In January 2022, the company introduced Verified platform version 2.4 to improve user experience.

In November 2021, the company received a patent for a new transaction method that links a person’s biometric identifier, such as a facial recognition template, with a primary account number (PAN) to authorize transactions. This way, merchants can match the PAN with a biometric scan without having to store any other personal information. The company also reports that the system could be used for both digital and physical access control verification in addition to point-of-sale payments. authID.ai has offices in the UK, Colombia, Peru, and South Africa, and is listed on NASDAQ. As of November 2021, the company served 14+ companies including CU NextGen, Atos, Hamilton Reserve Bank, Darien Technology, and LoginID.

In October 2023 , authID, launched Verified 3.8, a platform to protect digital enterprises from identity fraud and account takeover. 

Funding and financials

authID has reported a basic and fully diluted net loss per share of USD 0.97 for the financial year 2022 (vs. USD 0.78 in 2021). The company’s 2022 revenue declined 14.0% YoY to USD 0.53 million from USD 0.61 million in 2021. Revenue from legacy authentication services declining 32.4% to USD 0.37 million (accounting for 70% of the company’s total revenue) in 2022 was the main reason for the overall revenue decline. However, revenue from verified software license services increased 141.7% YoY to USD 0.16 million.

In March 2022, the company announced raising USD 22.5 million through equity from an undisclosed new investor and the management team, issuance of senior secured convertible promissory notes primarily to current investors, and borrowings from a current major investor. The new funds combined with current cash on hand (USD 6 million as of December 2021) are expected to support the company’s working capital needs through 2023, to achieve positive cash flow status by the end of 2024. In March 2023, AuthID closed a financing agreement of USD 3.6 million with long-time investor, Stephen J. Garchik.