Atlanta, May 19, 2020 (GLOBE NEWSWIRE) -- Trust Stamp, a global provider of AI-powered identity services, raised over $1mm towards its Series A round of funding within the first 36 hours of accepting investments from the general public. The $1mm counts towards its goal of raising a total of $5.6m through SeedInvest, a leading investment platform. In parallel, Trust Stamp has secured $2.575mm off-platform from Mastercard International, FSH Capital, Second Century Ventures and the OnRamp Insurance Accelerator program. Trust Stamp surpassed the first key milestone of the round on the first day of its public campaign by achieving full funding, and has generated interest from both accredited and unaccredited investors around the world.
At its core, Trust Stamp technology facilitates secure, interoperable identity proofing that protects organizations and individuals from identity fraud and data loss while expanding access to participate in the global economy and society. The company's biometric solutions and advanced privacy-enhancing techniques enable the use of anonymized data, known as Irreversibly Transformed Identity Tokens (IT2), to establish trust in engagements that would otherwise require shared personal information.
In April of this year, TechCrunch referenced Trust Stamp in 6 Investment Trends that Could Emerge from the COVID-19 Pandemic, highlighting the company as innovator in the Cybersecurity category. As a result of current events, existing fears around the constant rise in risks of identity theft and data breaches have compounded with the struggle for privacy in light of increasingly intrusive surveillance programs.
“This show of public confidence in our core technology and growing development trajectory, our passionate and experienced team, and our mission to accelerate secure societal and financial inclusion, globally, reinforces our responsibility to deliver equitable, privacy-preserving identity solutions while boosting our momentum even further,” says Trust Stamp CEO Gareth Genner.
Genner continues, “During this recently unprecedented time of financial and societal uncertainty, it is all the more powerful that so many have chosen to invest in Trust Stamp and our work to transform identity and privacy.”
Trust Stamp technology serves some of the largest financial institutions in the world, including Synchrony Financial and Mastercard International. Their solutions are used for humanitarian services, international government initiatives, KYC/AML compliance, and customer onboarding and account access in multiple verticals, including banking, FinTech, real estate, and law enforcement.
This milestone follows multiple announcements in the first quarter of 2020, including the addition of key team members like former British Intelligence Cybersecurity experts, Dr. Niel Kempson and Daryl Burns, the expansion of Trust Stamp’s science team and concurrent patent filing for currently relevant technologies, and the launch of a Public Benefit Corporation subsidiary, AiiD.
Disclaimer
Trust Stamp is offering securities through the use of an Offering Statement that has been qualified by the Securities and Exchange Commission under Tier II of Regulation A. A copy of the Final Offering Circular that forms a part of the Offering Statement may be obtained from: Trust Stamp https://www.seedinvest.com/trust.stamp
About Trust Stamp:
Trust Stamp applies advanced cryptographic techniques and AI-powered presentation-attack detection tools to biometric and other identity data to create a proprietary Irreversibly Transformed Identity Token (IT2), which is unique to the subject and cannot be reverse engineered. The IT2 can be matched and deduplicated using Trust Stamp's probabilistic AI and verified via zero-knowledge-proofs. Trust Stamp is currently participating in the Netherlands based Blue Tulip Awards program as a finalist and is a graduate of multiple global programs including QCFintech, 630 Cybersecurity, Plug and Play (Silicon Valley and UAE), NAR REach, Mastercard Startpath, the Georgia Advanced Technology Development Center and the UK’s GCHQ/NCSC incubator.