Trust Stamp, an Atlanta- and United Kingdom-based startup that uses AI to authenticate identity, has completed a $6.5 million crowdfunding through SeedInvest.
The company will use the new round to fund research and development of its identity solutions. The funding was collected from more than 2,700 accredited and unaccredited investors.
“The Regulation A process provides a clear path to entering the public market for high-growth companies, and Trust Stamp’s success with the alternative route of funding despite economic uncertainty affirms these next steps. Equity crowdfunding has democratized investing to give people the power to support companies they believe in. Fittingly, that vote of confidence in Trust Stamp takes us closer to a future where equitable, privacy-preserving identity solutions democratize access to the connected world,” Trust Stamp President Andrew Gowasack said in a statement.
Trust Stamp verifies identities using AI, biometric information and other data while keeping the information private. In June, the startup announced it would use $1.13 million in funding to operate a wholly-owned subsidiary with the Maltese Government. The announcement is one of several steps the company is making to grow its presence in Europe.
Founded in 2015, Trust Stamp employs 50 employees in the U.K. and Atlanta. The startup claims a $25 million valuation and plans on working towards a public listing on the Euronext Growth Market under the AIID ticker symbol. Previous investors in the company include Mastercard International, FSH Capital, Second Century Ventures, 630 Cybersecurity, the FIS FinTech Accelerator program and the OnRamp Insurance Accelerator program.
"2020 has been dotted with milestones in the growth of our team, technology portfolio, company initiatives and commercial use," Gowasack said in a statement. "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.”
