AI-powered authentication company Trust Stamp has raised $6.5m through a crowdfunding campaign on SeedInvest.
The company held the fundraise at a pre-money valuation of $25m.
Proceeds from the round have been earmarked for research and development efforts for its identity solutions.
There were over 2,700 accredited and unaccredited investors to support the round. The company was able to reach the first $1m of the round within just two days.
The RegTech platform helps companies to introduce identity solutions capable of reducing fraud, improving user experiences and promoting universal access to financial opportunity.
Its technology enables businesses to adopt biometrics and other anti-fraud initiatives while protecting personal information from hacks and data leaks.
Trust Stamp president Andrew Gowasack said, “2020 has been dotted with milestones in the growth of our team, technology portfolio, company initiatives and commercial use.
“Trust Stamp’s Series A round has not only provided the financial boost to support this rapid headway while solidifying our existing systems for sustainable growth, but also expanded the reach and potential impact of our mission in the identity space. We are thrilled to welcome each of the 2,778 passionate investors, tech-enthusiasts and identity evangelists to our journey.”
The RegTech company raised a $100,000 Series A investment from the OnRamp Insurance Accelerator. This was part of a wider round which secured a total of $10m from backers including Mastercard International, FSH Capital, Second Century Ventures, 630 Cybersecurity and the FIS FinTech Accelerator program.
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