authID.ai Announces 2021 Operational and Financial Results

authID.ai Announces 2021 Operational and Financial Results

authID.ai [Nasdaq: AUID] a leading provider of secure, mobile, biometric identity authentication, today reported financial and operating results for the year ended December 31, 2021.

Since the Company’s rebrand to authID.ai in June 2021, significant progress has been made on its strategic objectives, including completing an uplisting to Nasdaq and an $11.5M investment round in August. authID also strengthened and diversified its Board of Directors and management team which has focused on promoting the Company’s brand, and innovating its Verified Identity as a Service (IDaaS) platform to enhance the user experience and drive adoption. The issuance and notice of allowance of patents received in the last six months secures strong protection for its innovative technology, and continues to set authID.ai apart.

Financial Results for the Year Ended December 31, 2021

  • Total revenue was $2.3 million, compared with $2.1 million for the year ended December 31, 2020.
  • Net loss was $17.7 million, compared with a net loss of $11.3 million for the year ended December 31, 2020.
  • Basic and fully diluted net loss per share for the year ended December 31,2021 was $0.83 compared with $0.63 for 2020.
  • Adjusted EBITDA loss was $8.96 million, compared with $5.18 million for the year ended December 2020. The increased adjusted EBITDA loss reflects increased investment in product management, sales, marketing, and technology during the period.
  • Cash and cash equivalents as of December 2021 was $6.0 million.
  • Subsequent to year end, the Company secured additional financing of approximately $22.5 million before fees, commissions and expenses by a convertible debt offering, common stock sale and a standby credit facility. These resources when combined with cash on hand are estimated to provide sufficient cash for budgeted operations through 2023. Additional details of the financing round can be found in authID.ai’s Form 8-K filed today.
authID.ai to be Granted US Patent

authID.ai to be Granted US Patent

authID.ai, a leading provider of secure, mobile, biometric identity authentication solutions, today announced the Company has received notification from the U.S. Patent and Trademark Office (“USPTO”) that U.S. Patent No. 11182777 (“the ‘777 patent”) will be issued on November 23, 2021.

The ‘777 patent, entitled Systems and Methods Using a Primary Account Number to Represent Identity Attributes, is for a method that enables various attributes of the individual, to be securely linked to a Primary Account Number (PAN) to authenticate the user’s identity. The PAN of a user may then be used for identifying a user, without any sensitive data being released, as well as used to provide access, such as opening a door for a user, or accessing a bank account, or other payment method of the user. The PAN has become the most ubiquitous way of processing credit card and other payment transactions, which can be sent over established communications networks between banks and merchants anywhere in the world. Using this invention, identity authentication transactions can be authorized via the individual’s biometrics, such as the user’s unique facial features and routed over the same networks in the same way as payment transactions.

The identity attributes are stored in a secure, encrypted database that can be accessed when called upon during identity authentication or verification transactions. A transaction processor can then use the PAN to efficiently and securely facilitate a range of identity verification or authentication transactions. In this way, the identity attributes themselves do not have to be transferred or disclosed to the merchant and thereby exposed to potential theft.

These types of identity verification and authentication transactions which can be authorized by the individual using their biometrics may be required when, for example: using public transportation, accessing medical records, entering physical facilities, or when making payments at a point of sale to a merchant both on existing global networks as well as future platforms that may be developed.

“This patent grant validates the innovation behind authID’s proprietary solutions and is further proof of our commitment to optimizing the identity verification process and addressing the inherent problems of legacy authentication options,” said Tom Thimot, CEO of authID.ai. “This brings us one step closer to actualizing our vision of ‘payments by face,’ in which every enterprise can use cloud-based biometrics to offer its customers a more convenient, frictionless, and secure transaction experience.”

Hamilton Reserve Bank and authID.ai announce deployment of ID system

Hamilton Reserve Bank and authID.ai announce deployment of ID system

authID.ai, [Nasdaq: AUID] (formerly Ipsidy), a leading provider of secure, mobile, biometric authentication, announced today that Hamilton Reserve Bank (HRB), a fully regulated global bank with worldwide offices (SWIFT: NIBTKNNE), has deployed authID.ai’s easy-to-integrate Identity as a Service (IDaaS) platform. HRB has deployed Verified™, authID.ai’s biometric multi-factor cloud-based authentication product that offers the ease of a “selfie” to confirm identity, thereby eliminating the use of vulnerable one-time passwords and knowledge-based questions for securing transactions and account recovery.

Hamilton Reserve Bank serves a large and rapidly expanding worldwide clientele, supports customer activities in more than 150 countries, offering customer deposits in 10 different currencies. As HRB launches new digital banking services with the Temenos Infinity banking platform, authID.ai, a Temenos Marketplace provider, provides high levels of identity assurance to HRB and its expanding international clientele. authID.ai’s biometric identity products are helping HRB reduce operational costs associated with supporting password resets, mitigate security risks arising from stolen passwords, phishing, and account takeovers, and ultimately deliver seamless customer experiences that fully satisfy international standards for HRB’s insistence on best practices in AML/KYC/CFT compliance.

“Hamilton Reserve Bank’s new digital banking platform makes it possible to achieve our mission of onboarding one-million new customers within the next 12 months, and authID helped us comply with rigorous regulatory programs through an automated onboarding product that accurately delivers secure, document-based identity verification and facial biometric matching of the customer,” said Prabhakar Kaza, CEO of Hamilton Reserve Bank. “Providing our valued customers with a seamless authentication experience was paramount to our growth. authID.ai’s device authentication has helped us eliminate passwords, and its cloud-based biometric authentication is securing outgoing SWIFT wires and beneficiary changes. We look forward to expanding our collaboration with authID and Temenos to support our rapid global expansion into new markets.”

In addition to deploying Verified, Proof™ by authID.ai delivers automated identity verification during digital onboarding of HRB’s global clientele, including quick mobile identity document capture and authentication, liveness confirmation, and facial biometric matching of a selfie to the credential photo. To provide a more secure and seamless login experience, AuthentifID™ offers FIDO2 password-less login and strong customer authentication with cryptographic security and compliance with PSD2 requirements, a critical need for international banks.

“Everything starts with trusted identity,” said Tom Thimot, CEO of authID.ai. “Our identity platform offers innovative solutions that are flexible, fast, and easy to integrate. authID.ai is committed to helping banks across the globe reduce the risk of identity fraud, eliminate the costs and hassles of passwords and ultimately deliver seamless authentication experiences to their customers.”

“We are pleased to see authID.ai, a Temenos Marketplace provider, launch its identity services integrated with Temenos Infinity at Hamilton Reserve Bank,” said Martin Bailey, Director of Innovation and Ecosystems, Temenos. “We carefully consider and curate a community of best-in-class fintech solutions that complement Temenos software to create the Temenos MarketPlace. authID.ai’s innovative biometric solutions will enable Hamilton Reserve Bank to not only combat identity fraud but simplify and streamline the customer journey with Temenos Infinity.”

CU NextGen launches authID’s Identity Services

CU NextGen launches authID’s Identity Services

As financial institutions look to strengthen and simplify identity verification and secure authentication, today, authID.ai (formerly Ipsidy), a leading provider of secure, mobile, biometric identity verification and authentication solutions, announced that CU NextGen has integrated with its Identity as a Service (IDaaS) platform. CU NextGen is a CUSO dedicated to delivering leading-edge and customizable technology and support to more than 40 credit unions across the United States, ensuring deeper and lasting relationships with employees, members, and communities.

Through this new partnership, CU NextGen has begun roll-out of authID’s identity services with its first credit union with plans for further expansion to additional credit unions across the United States. CU NextGen is leveraging authID’s biometric identity authentication solution to transform the way its credit union clients recognize their members—both digitally and in-person, with similar, consistent experiences.

“authID is committed to helping financial services companies combat identity fraud by knowing with biometric certainty who is transacting on their platform,” said Tom Thimot CEO of authID.ai. “authID’s solutions enable CU NextGen to deliver upon its promise of bringing the highest levels of identity assurance and providing frictionless experiences that now allow credit union members to verify identity whether in-branch or online with similar practices in either setting.”

CU NextGen selected the authID IDaaS platform to mitigate identity fraud and enhance the security of its credit unions’ banking platforms. The integration will enable CU NextGen to implement authID’s Proof™ to provide its credit unions with the basis of trusted identity for digital and in-person new customer onboarding events. Proof delivers seamless identity verification with quick, mobile identity document capture and tamper check, liveness confirmation and facial biometric matching of a selfie to the identity credential photo. Proof confirms the rightful owner of the document is present and applying for an account.

 “We empower our clients to own their member and employee experiences, and one of the ways we have done that is by creating custom interfaces for new customer onboarding. Of course, the need for strong identity verification and secure authentication is critical to that process,” said Kent Zimmer, CEO of CU NextGen. “By adding authID’s biometric identity services to our platform, we can help our members reduce risk, deliver enhanced identity trust, and offer the seamless convenience of passwordless login for credit union members.”