authID.ai, which develops mobile, biometric identity authentication software, has scored $22.4m in funding.
Of the funds, $9.2m was raised through the issuance of senior secured convertible promissory notes to certain accredited investors. Most of these are previous investors in the company.
Furthermore, $10m came from a borrowing capacity under an unsecured standby line of credit facility with an existing investor.
The remaining $3m was raised through the sale of shares of common stock to a new investor.
With the funds, the company believes it will have positive cashflow on a current basis from 2024.
The RegTech company develops mobile facial biometrics to offer identity fraud protection across the digital identity lifecyle.
authID.ai CEO Tom Thimot said, “I am pleased that we completed this financing round of $22.5m that will support our projected working capital needs through 2023.
“I want to thank our new and existing investors for this financing, which represents a vote of confidence for our future, and provides us the resources to continue offering innovative technology that helps build a safer digital landscape for all.”
The company recently teamed up with Microsoft. As part of the deal, authID.ai upgraded its Verified CloudConnect with the integration of its facial biometrics solution to Microsoft Office 365 and Azure. Its solution now lets users of Microsoft Office 365 and Azure access strong multi-factor authentication.
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