authID, a Denver, Colorado-based provider of secure identity authentication solutions, announced that it closed a financing agreement with long-time investor, Stephen J. Garchik, for $3.6 million.
The financing agreement is aligned with the Company’s 2023 budget to support the reduced capital requirements and current business needs through the first quarter of 2024 as announced in February.
The new financing modifies the terms of the March 2022 Facility Agreement entered into with Mr. Garchik. On March 9th, the Company completed an initial drawdown of $900,000 under the revised Facility Agreement. Subsequent funding is subject to certain conditions, as described in the Facility Agreement.
This financing round is intended to support its projected working capital needs through Q1 2024.
The company also announced that four new members Rhon Daguro, Former Chief Revenue Officer of Socure Inc., Ken Jisser, President of The Pipeline Group Inc., Thomas Szoke, Founder and Former Officer of authID Inc., and Michael Thompson, Partner of Hemingway Capital will join non-executive Directors Michael Koehneman, Joe Trelin, and Jacqueline White on the company's Board of Directors at Mr. Garchik's request.
authID also announced that Tom Thimot will step down as CEO by early April, pending the appointment of a new CEO.
Company: authID, Inc.
Funding Month: March 2023
Lead Investors: Stephen J. Garchik
Company Website: https://authid.ai/
Software Category: Identity Authentication Solutions
About the Company: authID provides secure identity authentication through Verified™, an easy-to-integrate Human Factor Authentication™ (HFA) platform. Human Factor Authentication combines unphishable, FIDO2 passwordless device authentication with cloud biometrics to authenticate the human behind the device. Powered by sophisticated biometric and artificial intelligence technologies, authID eliminates passwords to fortify enterprise security and trust between organizations, employees, and customers.