Trust Stamp launching Malta subsidiary with government support to deliver biometric ID to Africa – Biometric Update

Trust Stampis launching a wholly-owned subsidiary in the Republic of Malta to advance its biometric and cryptographic identity authentication technology.

The company has secured 1 million (roughly US$1.1 million) in funding in the form of a 200,000 ($227,000) grant and a low-interest loan of up to 800,000 ($908,000) to cover three-quarters of the salaries it pays Malta-based employees. The loan is repayable through 10 percent of the Maltese subsidiarys annual profits.

We have been working with Malta Enterprise for over a year and are very impressed both by Maltas commitment to the continued growth of their technology industry, and by our shared commitment to substantially increasing the participation of women in the technology sector, comments Trust Stamp CEO Gareth N. Genner. In recent months, we have engaged with many of Maltas government departments and we have executed a letter of intent to work together on a broad range of technology initiatives.

Trust Stamp is reported to be preparing for a $32 million IPO in Ireland this year. The AIID symbol, combining Trust Stamps focus on AI and ID, has been reserved for its listing. The company is planning to raise $7 million or more in a Series A funding effort recently launched to the SeedInvest platform, with direct investments from Mastercard International, Second Century Ventures and FSH Capital.

Malta will not only host an expanded R&D team including our new Post-Doctoral Fellowship Program but will also serve as the base for our public-benefit subsidiary AiiD to work with NGOs and governments throughout Africa, Genner added. Malta has a long-term commitment to working with a number of African governments, and there are tremendous opportunities for us to partner with both the Malta government and other Maltese enterprises.

Africa | authentication | biometrics | cryptography | Malta | research and development | Trust Stamp

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Trust Stamp launching Malta subsidiary with government support to deliver biometric ID to Africa - Biometric Update