Redrock Biometrics

Redrock Biometrics

Authentication Software Company

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Security Type
Preferred Stock
Min Investment
Offering Date
November 26, 2021
Expected Close Date
April 08, 2022
Target Raise
Security Price

Company Description

Authentication software company providing palm biometrics for consumer retailThe brick & mortar shopping experience hasn't changed much in the last couple of decades. We still use credit cards, pull out our driver's licenses for alcohol purchases, announce our DOB to get our drugs, save parking tickets for validation, and frantically search for loyalty apps on our phones.Biometrics is a technology that can help reduce shopping friction, but the technology has not yet become mainstream because of some potential worries, such as:• Not user friendly: We believe that most existing biometric technologies can be a challenging user experience• Privacy: Cities and states in the U.S. may ban face biometrics over privacy concerns• Health: Consumers may have hesitancy using shared devices with fingerprint scanners due to viruses, bacteria, and dirt• Intrusive: Biometrics in a public space can feel intrusive and uncomfortableRedrock Biometrics aims to bridge the gap and introduce a unique shopping experience that we feel was difficult to attain before our palm solution. With our technology and platform, users can register their palms just once and then transact on any other device. PalmID is our patented technology that does not store any other traceable information about the user. We believe this paves the way for palm biometrics in the market while maintaining privacy and security.Our technology has been tried, tested, and/or deployed by our clients/partners such as:• Mastercard• NRI• Google• Trust Stamp• SonyConsumer-end retail is a new focus of ours. We only introduced PalmID to retail in March of 2021, but have already developed pilots with retail chains that have 10,000+ locations in total. Our traction and pipeline includes a variety of business, such as:• Convenience Stores• Grocery Stores• Gas Stations • Loyalty Programs • Age VerificationWe are also developing integration with a POS partner and other strategic investors.

Key Deal Facts

Key clients and partners include Mastercard, Nomura Research Institute, and Trust Stamp
Palm print ID technology has two granted patents and nine patent applications pending
Achieved 73% YoY revenue growth from 2019 to 2020 (audited) and 2021 revenue run rate (Q1-Q3) represents an 80% growth compared to 2020 (2021 unaudited)
Founded by leaders in the technology space, with a combined of 40 years of experience in computer vision
Key investors include Wells Fargo, which invested after graduation from the Wells Fargo Startup Accelerator program in 2018

Management Team / Advisory Board Bios

Leonid Kontsevich
Chairman & Co-Founder
Leonid has co-founded two prior award-winning tech startups. Before that, he was a principle researcher at Smith-Kettlewell Ete Research Institute. Leonid received a PhD in Mathematics from Moscow Physics and Technology Institute. Leonid has published more than 50 papers in computer vision and recognition.

Hua Yang, PhD
CEO & Co-Founder
Hua is a founding member and the Director of Research at Leap Motion, where he played a critical role in the development of Leap Motion's breakthrough 3D gesture control technology. Hua received a PhD in Computer Science from University of North Carolina at Chapel Hill. Hua has published more than 20 papers in Computer Vision and Augmented Reality, and has held more than 15 US patents. 

Sergei Badeka
Chief Business Officer
Sergei has lead the Western region sales at Greenlee - Textron, Inc;., where he and his team secured one of the largest orders in company history.  He brings corporate leadership to the team and is responsible for business development and investor relations.
Amount Raised : $874,537
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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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