Biometric identity verification specialist AuthID is undergoing a massive corporate transition in the wake of a hefty new investment from longtime shareholder Stephen J. Garchik.
Company directors have modified a 2022 Facility Agreement established with Garchik, completing a $900,000 drawdown, and reaching on a new financing agreement valued at $3.6 million. AuthID says the new funding will support projected working capital needs through the first quarter of next year.
In exchange, Garchik has appointed four new board members, while existing Directors Philip Broenniman, Michael Gorriz, Neepa Patel, and Tom Thimot have resigned, as has Chairman Phillip Kumnick. Tom Thimot has also agreed to step down from his role as CEO by early April, and AuthID says it is currently in talks with a prospective replacement.
The incoming board members include Rhon Daguro, the former Chief Revenue Officer of Socure; AuthID founder Thomas Szoke; Ken Jisser, President of The Pipeline Group; and Michael Thompson, a partner at Hemingway Capital.
“AuthID is at the forefront of a rapid evolution in identity assurance and security, one that must balance uncompromised cyber security with an easy user experience,” commented Daguro. “I am confident that the Board can provide the vision and direction that will allow the Company to grow its revenue and business pipeline of innovative identity services.”
AuthID’s new funding and corporate changes come after an eventful year in the company’s development and promotion of its “Human Factor Authentication” solution, which leverages facial recognition to verify end users through any web browser. The solution passed Level 1 and Level 2 of iBeta’s Presentation Attack Detection evaluation, based on the ISO 30107-3 standard for liveness detection, in the spring; and AuthID went on to launch an upgraded version of its flagship solution, “Verified 3.0”, in October, calling it “unphishable”.
March 10, 2023 – by Alex Perala