Ipsidy has released its year end results for 2018, revealing that the company increased revenue and reduced losses as it expanded its operations in the Identity as a Service sector. Total year-end revenues climbed from $2.3 million in 2017 to $3.8 million in 2018, while net losses dropped from $17.5 million to $10 million and operational losses dropped from $12 million to $9.3 million over the same time period.
“We have made tremendous strides over the course of 2018,” said Ipsidy CEO Philip Beck. “Our identity platform offers a suite of mobile biometric services that our customers can use to seamlessly create trusted transactions. We look forward to more customers and users and to growing our platform revenue over the coming quarters.”
The strong year helped Ipsidy secure $9.6 million in additional equity investment. The identity software provider also expanded its corporate roster with new personnel in sales, management, QA, operations, and engineering.
Ipsidy’s 2018 highlights include the launch of Access and the successful implementation of Verified with Unibank Panama. That growth is expected to continue thanks to Ipsidy’s scalable identity management solutions. The company is already off to a promising start in 2019 following the launch of Proof, which it cites as an example of its adaptability within the Identity as a Service space.
March 12, 2019 – by Eric Weiss