Atlanta, June 04, 2020 (GLOBE NEWSWIRE) -- Trust Stamp, an AI powered authentication company dual headquartered in the United States and United Kingdom, announced the approval of One Million Euros of funding to establish and operate a wholly owned subsidiary in the Republic of Malta.
Trust Stamp CEO, Gareth N. Genner said, “We have been working with Malta Enterprise for over a year and are very impressed both by Malta’s 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. In recent months, we have engaged with many of Malta’s government departments and we have executed a letter of intent to work together on a broad range of technology initiatives.”
The funding provided for Trust Stamp Malta combines a €200,000 grant together with up to €800,000 as a low-interest loan to fund 75% of the salaries of Trust Stamp’s Malta-based employees. The low-interest loan is repayable via 10% of the annual profits generated by the Malta subsidiary. The funding provided by Malta Enterprise parallels Trust Stamp’s $7,000,000+ raise that combines a Regulation A Tier II public offering on the SeedInvest platform with direct investments that include Mastercard International, Second Century Ventures and FSH Capital.
Genner went on to say, “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 NGO’s and governments throughout Africa. 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”.
Malta Enterprise CEO, Kurt Farrugia said: “We are thrilled that Trust Stamp, one of the fastest growing and most innovative AI powered authentication companies globally will be investing in Malta to develop its base from where cutting edge R&D projects will be carried out. Malta Enterprise and Trust Stamp have already identified various initiatives of mutual interest that we will be implementing in the coming months. This includes initiatives to promote a higher participation of females in technology. Together we will also be seeking to capitalise on the immense opportunities that Africa offers.”
Trust Stamp recently announced that it is preparing to seek a direct public listing on the Euronext Growth Market operated by Euronext Dublin, having appointed Davy Group as its designated Euronext Growth Advisor and reserved the AIID ticker symbol (AI for ID). Trust Stamp’s expansion into Malta solidifies their presence in Europe and decision to pursue a listing on the major pan-European exchange, with existing company locations in the United Kingdom, Poland and the Netherlands.
About Trust Stamp
Trust Stamp applies advanced cryptographic techniques, deep neural networks and proprietary AI powered tools to biometric and other identity data to create a non-PII hash (EgHash™) that is unique to the subject and cannot be reverse engineered. The EgHash can be matched, deduplicated and verified as a tokenized identity (IT2) via zero-knowledge-proofs. Trust Stamp technology is used in multiple verticals, including humanitarian and development services, banking, FinTech, KYC / AML compliance, real estate, and law enforcement.
About Malta and Malta Enterprise
Malta is one of the European Union’s fastest growing and most resilient economies, resulting from the strategic development of a wide spread of economic activities. Malta Enterprise is the government's exclusive agency focused on attracting inward investment and supporting enterprise in Malta. Malta Enterprise acts as a single point of contact for all enterprise support in Malta and to provide cohesion to government policies and efforts relating to enterprise in the country.