Trust Stamp

Trust Stamp

Global AI  platform securely authenticating identity online and offline

Security Type
Preferred Stock
Min Investment
Atlanta, GA
Offering Date
May 16, 2020
Expected Close Date
August 14, 2020
Target Raise
Deal Notes

Round type: Series A Round size: US $6,875,000 Minimum investment: US $997 Target Minimum: US $800,000 Raised to date: US $824,470 Security Type: Preferred Equity Share price: US $7.79 Pre-Money valuation: US $25,000,000 Option pool: 9.99% Liquidation preference: 1.0x


Company Description

Global AI  platform securely authenticating identity online and offlineArtificial intelligence focused on global access to trusted identity:Our solutions are created for use in multiple industries including banking, law enforcement, real estate, and humanitarian programs. Uniquely innovative and interoperable technology:Our solutions revolve around a proprietary process by which a deep neural network irreversibly converts biometric and other identifying data, from any source, into an "EgHash" which serves as a secure tokenized identity. We improve a biometric vendor’s accuracy by combining multiple of their samplesWe can even fuse multiple modalities of biometrics (face, palm, finger, iris, voice, gait, and beyond) into a single EgHash-identitySolutions that protect:The EgHash can only be used to identify the subject with our probabilistic AI, thereby protecting the subject against personal data leaks, identity theft, and fraud. The option of ‘self-sovereignty”:EgHash-based identification can be contingent on the subject’s proactive participation in providing their biometric input with "proof of life”A booming market with unaddressed problems is a market of booming problems:The market for identity is currently focused on multi-modality biometric data, making the protection provided by our technology especially important.As the use of biometric data grows, the theft of that data also grows.Your biometrics are with you for life! Unlike traditional user-names and passwords, this data cannot be changed following a leak.Global access = greater impact:Software that utilizes our technology is universally deployable, positively affecting both the magnitude of influence and potential revenue. Server, blockchain, or device-basedOnline and offline operationPay-per-use revenue model extends reach beyond just those that can afford enterprise-level implementation costs

Key Deal Facts

Proprietary technology protected by one issued patent and 12 total filings uses a deep learning neural network at the intersection of artificial intelligence, biometrics, and cybersecurity
Achieved $2.1mm of revenue in 2019, a 152% YoY growth compared to 2018
Flagship customers include Mastercard International and Synchrony Financial, one of the largest private label credit card providers in the U.S. with 80mm+ accounts
Graduate of global programs: Plug and Play (Silicon Valley and Abu Dhabi), Mastercard Start Path, QC Fintech, and SixThirty Cyber and currently in both the GCHQ-NCSC-Wayra incubator (UK) and the Blue Tulip Awards program (Netherlands)
Highly qualified team has raised over $8.3mm in Capital, with 35+ years of individual experience in financial services and fraud prevention, and 20+ in artificial intelligence and identity

Use of Proceeds

Research and Development: 70 - 100%

Increase in Net Assets: 0 - 30%

Management Team / Advisory Board Bios

Gareth Genner
Co-Founder, CEO
With over 20 years of business experience in founding, operational and advisory capacities, Gareth provides Trust Stamp with technical, managerial and visionary skills, as well as legal and compliance expertise. Gareth has conceptualized, implemented, scaled and exited multiple businesses. Gareth has been engaged with Trust Stamp as co-founder since 2016. From 2013 to 2016 Gareth served as President of Pontifex University and also worked with a number of associated educational entities.  A British lawyer by training, Gareth holds a U.S. LLM in International Taxation & Financial Services.

Andrew Gowasack
Co-Founder, President - Internal and External Product Evangelist
An economist by education, Andrew began his career in financial services sales and marketing. Gareth and Andrew have been friends for a number of years and explored a number of ideas before identifying the unparalleled potential of Trust Stamp.  From June 2013 to December 2015 Andrew was employed by Ashford Advisors, initially as an agent and latterly as Marketing Coordinator. Andrew has been fully engaged as co-founder of Trust Stamp since January 2016.  Although Trust Stamp is Andrew’s first startup, he has immersed himself in the lean-startup environment by completing incubator programs through Founder’s Space in San Francisco, QC FinTech in Charlotte, NAR Reach in Chicago and Plug and Play in both Silicon Valley and Abu Dhabi. Each of these programs has provided a different perspective and honed a different set of startup skills.

Scott Francis
Chief Technology Officer
Prior to joining Trust Stamp as President & CTO, Scott served for 9 years in the Program Management Office with Google from 2007 to  2016. This role was very entrepreneurial in nature as he was tasked with helping oversee the creation and development of a global PMO team spread across multiple data centers across the US and Europe, essentially acting as a startup intrapreneur. Prior to Google, Scott served for 10 years in a number of startup companies in Atlanta, Austin and Silicon Valley in software programming, management, and configuration management roles.

Alex Valdes
Chief Financial Officer
Before graduating college, Alex founded and operated four separate companies. During this time, Alex spent 15 months studying abroad in Mexico where he launched an innovative microfinance lending system in partnership with the Yucatan State Department of Economic Development.Alex successfully exited each of the businesses, all of which are in operation today and returned to the US to complete his degree in accounting from The University of Georgia.Alex worked as a Corporate Finance Consultant for Dixon Hughes Goodman LLP, from 2014 to 2016 before serving as an advisor for Trust Stamp as the company launched operations. After 6 months advising, Alex joined the company full-time as the Chief Financial Officer.

Norman Poh
Chief Science Officer
Norman holds a PhD in Machine Learning and Information Fusion from IDIAP research institute, École Polytechnique Fédérale de Lausanne (EPFL), Switzerland. He is passionate about machine learning with applications to biometric person recognition, healthcare, forensics, financial forecasting, and other practical data intensive areas, where he published more than 100 peer-reviewed publications, including 5 best paper awards (AVBPA’05, ICB’09, HSI 2010, ICPR 2010 and Pattern Recognition Journal 2006).Prior to Norman joining Trust Stamp in 2017, he served as a Senior Lecturer at the University of Surrey from 2012 to 2017, and as a Senior Data Scientist for Quintiles IMS Holdings, Inc. in 2017. During his time at Trust Stamp, Norman has also held the position of Data Scientist at BP from September 2018 to January 2019 and Data Science Consultant for BJSS from January 2018 to August 2019. Norman is currently fully engaged as the Chief Science Officer for Trust Stamp.

Emma Lindley
Chief Commercial Officer, EVP
Emma Lindley is an advisor on digital identity and co-founder of Women in Identity, a non-profit organization focused on developing talent and diversity in the identity industry.Over a career of 16 years in identity, Emma has held various roles, most recently as Head of Identity and Risk at Visa, previous board level roles at Confyrm, Innovate Identity and The Open Identity Exchange, and was instrumental in the commercial development of GB Group’s position in the identity market in 2003. She has been recognized in the KNOW Identity Top 100 leaders in Identity in 2017, 2018 and 2019, the Innovate Finance Powerlist for Women 2016 and 2017, and was voted CEO of the year at the KNOW Identity Awards. She has an MBA from Manchester Business School where she completed her thesis in Competitive Strategy in the Identity Market. 

John Bridge
EVP Government & Law Enforcement
Prior to joining Trust Stamp in 2019, Bridge worked for the United States Marshals Service from 1994 to 2019, serving as a Senior Inspector and helping to establish the Financial Surveillance Unit as a founding full-time member from 2010 onwards. John Bridge has been a member of the International Association of Financial Crimes Investigators for fifteen years and serves as co-chair of the Cyber Fraud Industry Group. He also co-authored the Certified Cyber Crimes Investigator certification as a founder of the CCCI. He is also a Certified Financial Crimes Investigator. Earlier in his career, John served in the Marine Corps from 1984 to 1992. 

Kinny Chan
EVP, CEO of Trusted Mail
Kinny Chan is an experienced leader with a passion for explaining complex challenges in simple and understandable terms. His expertise lies at the intersection between technology, business and the law, with over 10 years of experience in the enterprise sales of complex technology solutions.His expertise in data analytics and technology-assisted review has established his reputation as a sought-after expert. Kinny has extensive leadership experience built on a successful career of increasingly significant positions in the legal and technology industries. Having played a central role in establishing the prominence of companies he has served in the past, Kinny joined Trust Stamp as a key addition to guide their successful growth in 2020.

Niel Kempson
Executive Advisor, Technical Capability
Niel worked for GCHQ, the UK's intelligence, cyber and security agency, for 42 years, most recently as the Director General for Technology.At the heart of British intelligence, he was responsible for science and technology, from blue-sky research and innovation through system development, to operational support and management. He was at the forefront of GCHQ’s success in developing and deploying data analysis to the frontline of the intelligence and cyber security missions. Niel retired from Government service at the end of 2018.

David Story
MD, Trust Stamp Europe & Biometric Innovations Ltd
David is a Chartered Surveyor with a focus on commercial real estate investment and portfolio management. David and Gareth are friends who have worked together in the UK and USA for 30+ years including founding and exiting two cloud technology companies. From 2013 to 2016, David worked alongside Gareth on the second of their ventures, Edevate, an Edtech company. David has served in operational and advisory capacities in multiple European ventures and brings strong analytical skills to the Trust Stamp team.

Deal Notes

Round type: Series A Round size: US $6,875,000 Minimum investment: US $997 Target Minimum: US $800,000 Raised to date: US $824,470 Security Type: Preferred Equity Share price: US $7.79 Pre-Money valuation: US $25,000,000 Option pool: 9.99% Liquidation preference: 1.0x

Amount Raised : $6,623,279
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Security Description

Preferred securities are a type of investment that generally offers some sort of preferred treatment through a dividend or preferred treatment in a liquidation.

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