Welcome to our dedicated page for authID news (Ticker: AUID), a resource for investors and traders seeking the latest updates and insights on authID stock.
authID Inc. (Nasdaq: AUID) is a prominent provider of biometric identity verification and authentication solutions, committed to ensuring that cyber-savvy enterprises “Know Who’s Behind the Device” for every customer or employee login and transaction. The company’s easy-to-integrate, patented biometric identity platform quickly and accurately verifies user identities, thereby eliminating any assumptions about the person behind a device and preventing cybercriminals from taking over accounts.
authID combines digital onboarding, FIDO2 login, biometric authentication, and account recovery to provide a fast, accurate, and user-friendly identity verification experience. The company’s platform delivers identity verification in just 700 milliseconds, establishing a biometric root of trust for each user that is bound to their accounts and provisioned devices. This approach stops fraud at onboarding, eliminates password risks and costs, and provides a faster, frictionless, and more accurate user identity experience demanded by operators of today’s digital ecosystems.
Headquartered in Denver, authID’s footprint spans North America, and its services cater to various industries including financial services, healthcare, gaming, and e-commerce. The company has recently achieved significant milestones, such as appointing new talent to key positions and expanding its sales, customer success, and engineering teams. authID is also exploring strategic partnerships, such as with Verified Inc. and IDMWORKS, to enhance its market reach and offer innovative identity verification solutions.
In terms of financial performance, authID has shown strong momentum with a significant increase in sales and revenue. For instance, the company reported a 1200% increase in sales in 2023 and has set ambitious targets for 2024. This growth is supported by a strong sales pipeline and an expanding list of enterprise customers. authID’s recent initiatives include launching new products and expanding its customer base through direct sales and channel partnerships.
authID is also committed to corporate governance and regularly engages with its shareholders. The company’s 2024 Annual Meeting of Stockholders will include proposals to elect directors, ratify the appointment of auditors, and approve other key measures. The meeting will be held virtually, ensuring broad participation and transparency.
For more information, visit authID.ai.
authID.ai (Nasdaq: AUID) has appointed Joe Trelin to its Board of Directors, significantly enhancing its leadership with his extensive experience from CLEAR and NBC Universal. Trelin's expertise in technology product management and identity service innovation comes at a critical growth phase for the company, especially following their recent funding of over $22 million. His background in developing identity platforms across various sectors positions authID to innovate in the biometric authentication market, aiming to combat digital fraud effectively.
authID.ai has successfully completed a financing round of $22.5 million, which will support operations through 2023. For the year ended December 31, 2021, the company reported total revenue of $2.3 million, up from $2.1 million in 2020, but suffered a net loss of $17.7 million, compared to $11.3 million in the prior year. The adjusted EBITDA loss increased to $8.96 million. The company aims to strengthen its position in the identity authentication market by enhancing its Verified Identity as a Service (IDaaS) platform and leveraging strategic partnerships.
authID.ai (Nasdaq: AUID) has successfully closed financing totaling approximately $22.5 million, which is expected to cover working capital needs through 2023. The financing includes:
- $9.2 million through senior secured convertible promissory notes at a conversion price of $3.70.
- $3 million from the sale of common stock at $3.03 per share and $300,000 from management shares at $3.70.
- $10 million borrowing capacity under a credit facility.
authID.ai (Nasdaq: AUID) will report its financial results for the fiscal year ended December 31, 2021, on March 21, 2022, before the market opens, a day earlier than previously scheduled. Following the release, CEO Tom Thimot, President & CTO Tripp Smith, and CFO Stu Stoller will host a conference call and webcast at 8:30 a.m. EDT to discuss the results and recent developments. Investors can access the presentation and call via the company's Investor Relations website. For participation, dial-in numbers are provided for toll-free and international callers.
authID.ai (Nasdaq: AUID) will report its financial results for the fiscal year ended December 31, 2021, on March 22, 2022, after market close. The conference call, hosted by CEO Tom Thimot and other executives, will begin at 5:00 p.m. EDT. Investors can join via phone or webcast. This event follows the company’s strategic focus on secure, mobile biometric identity verification solutions, enhancing customer trust and security through innovative technology.
authID.ai (Nasdaq: AUID) has received a Notice of Allowance from the U.S. Patent and Trademark Office for its innovative multi-party, multi-factor authentication patent, crucial for its Verified™ identity verification platform. This patent safeguards a method that allows account holders to authorize transactions while simultaneously enabling third-party verification of their identity through biometrics and personal codes. CEO Tom Thimot emphasized that this patent enhances security against fraudulent activities and creates an unchallengeable audit trail, reinforcing the company's commitment to robust identity authentication.
authID.ai (Nasdaq: AUID), a provider of biometric identity solutions, announced the integration of its Verified CloudConnect™ platform with Microsoft Office 365 and Azure. This integration enhances identity authentication by using facial biometric technology to replace traditional passwords, thereby addressing rising cybersecurity threats linked to remote work. Verified CloudConnect™ enables seamless multi-factor authentication (MFA), ensuring secure access while maintaining user privacy. The service is available on a subscription basis, aiming to empower organizations to enhance their security infrastructure.
authID.ai (Nasdaq: AUID) has launched Verified Platform Version 2.4, designed to enhance facial biometric authentication. This upgrade offers a streamlined user experience, improved speed, and advanced AI capabilities to counter identity fraud. Key features include a modernized interface, enhanced cross-device authentication, and real-time quality analysis. The platform aims to prevent cybercriminals from accessing accounts and safeguarding user data across various applications, establishing a higher level of trust and security in online transactions.
authID.ai (Nasdaq: AUID) held its Annual Meeting of Shareholders via webcast on December 29, 2021. During the meeting, all nominated directors were re-elected, and all proposed resolutions were adopted. Shareholders approved an advisory 'Say-on-Pay' vote, which also included a decision on the frequency of future votes. CEO Tom Thimot provided an update on the company’s Q4 activities. authID.ai offers secure, mobile biometric identity authentication solutions, aiming to eliminate usernames and passwords through advanced technologies.
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