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AuthID closes financing agreement of USD 3.6 million with long-time investor
Facial Recognition
Mar 9, 2023
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Mar 9, 2023

AuthID closes financing agreement of USD 3.6 million with long-time investor

Funding

  • AuthID, a provider of biometric authentication solutions, has announced the closing of a financing agreement of USD 3.6 million with long-time investor, Stephen J. Garchik. 

  • The new financing will support AuthID’s projected working capital needs through Q1 2024. AuthID completed an initial drawdown of USD 900,000 today and will draw the remaining in future, subject to certain conditions.

  • Garchik has made a request to nominate four new members to the board. The current CEO, Tom Thimot, is expected to resign from his position by the beginning of April.

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