authID secures $11m in funding to bolster biometric security solutions

authID secures $11m in funding to bolster biometric security solutions

authID, a leader in biometric identity verification and authentication, announced today that it has secured $11m through a registered direct offering.

The Nasdaq-listed company (AUID) is set to sell 1,464,965 shares, with each share priced at $7.50, or $8.16 for company directors.

The offering was facilitated by Madison Global Partners, LLC, serving as the sole placement agent. The transaction is scheduled to close on or about June 27, 2024, contingent on customary closing conditions.

authID specializes in biometric identity platforms that ensure only authorized users can access devices and accounts. Its innovative solutions remove uncertainties about who is behind a device by integrating secure digital onboarding, FIDO2 passwordless login, and biometric authentication. The company’s technology is designed to prevent cybercriminal activity during account setups and takeovers, boasting a rapid biometric identity processing time of just 700 milliseconds.

The company plans to use the $11m raised to expand its sales and operations, targeting new industries where it has recently secured accounts. Additionally, authID aims to grow its customer success team to support a rising number of clients as they implement the authID platform.

Rhon Daguro, CEO of authID, expressed enthusiasm about the funding, stating, “We’re excited for the opportunity to continue our path to growth and create value for our customers, employees, and shareholders. This event was truly an exercise in teamwork. The funds invested will allow us to be laser focused on growing the business.”

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