Ipsidy raises over $3 million in equity fundraising

Ipsidy Inc (OTCMKTS:IDTY), the biometric identity solutions provider, announced Monday that it had raised around nearly $3.1 million to advance its Identity as a Service platform.

The platform delivers a suite of secure, mobile, biometric identity solutions that are available to users on any vertical.

The Long Beach, New York-based company said that it had received subscriptions for common stock in an equity fundraising amounting to $3.1 million.

READ: Ipsidy introduces mobile app Time to help companies keep track of teams across multiple worksites

Ipsidy said in a statement that the company was able to take a “significant step” in its fundraising activities for the year with the support of its existing investors, board members and executive management team and a number of new investors.

“We appreciate the continued support of our existing investors and are delighted to welcome new investors who share our vision,” said Philip Beck, CEO of Ipsidy.

Beck also said that the company is preparing for an uplisting to a national exchange.

Last month Ipsidy reported a 41% increase in revenue as part of its 1Q 2019 financials as it moves forward with marketing at least five proprietary platforms, including facial  biometric extraction technologies to use by merchants, financial institutions and schools.

The company has also been making a big push into international markets and is now branching into Peru and Chile.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors