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Biometrics company Ipsidy sees revenue more than triple in its second-quarter results

Last updated: 16:54 07 Aug 2018 EDT, First published: 16:44 07 Aug 2018 EDT

Facial recognition software on a phone
The company provides multi-factor biometric identification tools for electronic transaction processing

Ipsidy Inc (OTCQX:IDTY) announced its second-quarter earnings, seeing revenue more than triple compared with a year ago.

The biometrics company reported a net loss of US$0.01 per share on revenue of US$1.84mln compared with a net loss of US$0.01 on revenue of US$559,400 in the previous year’s second quarter.

READ: Ipsidy introduces biometric identity authentication app for iPhone, Android devices

The company, based in Long Beach, New York, provides multi-factor biometric identification tools for electronic transaction processing, recently introducing an Ipsidy app for iPhone and Android.

The tech company also announced US$9.6mln in common equity funding.

READ: Ipsidy teams up with Skypatrol to offer SkyGuru in Latin America

“The recent fund-raising will help us execute on the large number of physical and virtual use cases for our solutions, in different markets and countries around the world,” said CEO Philip Beck in a press release.

Ipsidy received an upgrade in May, uplisting to the OTCQX Best Market from the OTCQB Venture Market.

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