Atlanta-based artificial intelligence-powered identity services company Trust Stamp has announced it raised $1 million in Series A funding within 36 hours via investment platform SeedInvest, toward its goal of $5.6 million.
Trust Stamp uses AI and advanced cryptographic techniques to anonymize an individual’s biometric data, turning it into what is known as Transformed Identity Tokens (IT2). According to Trust Stamp, an IT2 secures the biometric data — be it faceprints, fingerprints etc. — making it unique to the subject and impossible to reverse engineer. To match the IT2 to its holder, Trust Stamp uses a proprietary probabilistic AI system and verifies it using zero-knowledge proofs.
Using this technology, Trust Stamp provides secure, interoperable identity proofing to protect organizations and individuals from hacking attempts resulting in fraud, identity theft and data loss, facilitating a wider expansion of participation in the online global economy.
“This show of public confidence in our core technology and growing development trajectory, our passionate and experienced team, and our mission to accelerate secure societal and financial inclusion, globally, reinforces our responsibility to deliver equitable, privacy-preserving identity solutions while boosting our momentum even further,” said Trust Stamp CEO Gareth Genner.
This comes at a time when online fraud and hacking attempts are showing a growing trend due to the increase in online activity as a result of the COVID-19 outbreak and the lockdown and social distancing measures that have led to a dramatic increase in the number of people relying on remote solutions for work, shopping, and banking.
“During this recently unprecedented time of financial and societal uncertainty, it is all the more powerful that so many have chosen to invest in Trust Stamp and our work to transform identity and privacy,” said Genner.
Trust Stamp — which was also recently named in TechCrunch’s 6 Investment Trends that Could Emerge from the COVID-19 Pandemic — has also secured $2.57 million in additional funding through Mastercard International, FSH Capital, Second Century Ventures, and the OnRamp Insurance Accelerator program.
May 20, 2020 – by Tony Bitzionis