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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® (AUID) reported its financial results for 2022, highlighting a total revenue of $0.5 million, down from $0.6 million in 2021. The company faces a net loss of $23.7 million, exacerbated by a rise in expenses due to increased investment in technology and personnel. Despite these financial challenges, authID achieved significant operational milestones, including launching its Verified 3.0 platform and securing ISO certifications. The executive leadership aims to enhance market momentum in 2023 by delivering advanced identity solutions. The company also secured up to $3.6 million in additional financing in early 2023.
authID (Nasdaq: AUID) announced the appointment of Rhon Daguro as Chief Executive Officer and Joe Trelin as Chairman of the Board on March 24, 2023. Rhon Daguro, with over 20 years of experience in sales, marketing, and technology, previously served as Chief Revenue Officer at Socure Inc., helping the company achieve a valuation exceeding $1 billion. Under his leadership, authID aims to leverage its technology platform for growth in the identity authentication market. Joe Trelin brings significant industry expertise, having served at CLEAR and other notable companies, and will focus on advancing authID's strategic goals.
authID (Nasdaq: AUID) will report its financial results for Q4 and the full year ending December 31, 2022, on March 30, 2023, after market close. The company specializes in secure identity authentication solutions, using its Verified™ platform that integrates Human Factor Authentication™ with biometric technology to enhance security. A shareholder call is expected to follow the results announcement. This quarter's performance is crucial for investors as it will reflect the company's growth and operational effectiveness in a competitive industry.
The company authID (Nasdaq: AUID) has appointed four new non-executive Directors to its Board, bolstering leadership and enhancing growth in secure identity solutions. The new Directors include industry veterans such as Rhon Daguro, former Chief Revenue Officer of Socure, and Michael Thompson, a partner at Hemingway Capital. Their collective experience spans sectors like fintech and technology, focusing on expanding authID's innovative identity services to enterprise clients. These additions are seen as pivotal in navigating the evolving landscape of identity assurance and enhancing revenue potential.
authID (Nasdaq: AUID) announced a closed financing agreement with investor Stephen J. Garchik for $3.6 million to support working capital needs through Q1 2024. The agreement modifies terms from a previous facility agreement and includes an initial drawdown of $900,000. The appointment of four new Directors has been made to enhance the board's expertise. The company also reported that Chairman Phillip Kumnick and other directors have resigned, and CEO Tom Thimot will step down by early April. The board is negotiating a successor CEO while retaining essential teams for continuity.
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