In a statement, CEO Rhon Daguro emphasized the company’s growth expectations, asserted that authID’s management team had doubled their target for Booked Annual Recurring Revenue (a non-GAAP measure) from $3 million to $6 million by Q2 of next year. For the full calendar and fiscal year of 2024, authID is expecting $9 million in Booked Annual Recurring Revenue.
“This fully subscribed investment by the shareholders, fellow Directors, and new investors is a tremendous sign of confidence in our mission, and we thank all investors for their continuing support,” he said.
The new investment offers further validation for authID’s new leadership team after the company’s massive corporate overhaul earlier this year. That event was itself tied to an infusion of capital, with longtime shareholder Stephen J. Garchik establishing a financing agreement valued at $3.6 million in a deal that orchestrated the replacement of multiple board members. Daguro came on at the time as one of the new members of the board, and was named CEO shortly thereafter.
authID went on to do brisk business, reporting a 300 percent increase in sales in its latest quarterly update.
“In the last few months, we have preserved the best of what authID had, while adding deep domain expertise in identity to create a best of breed team for sales and execution,” Daguro said in the company’s latest investment announcement.
authID expects its registered direct offering to close on or around November 22, subject to the customary conditions.
November 20, 2023 – by Alex Perala