Chance to Fund New Cybersecurity Systems Adopted by Global Authorities

$2,000,000
75425753
6 months ago

Reference ID: 75425753

Highlights

  •  Bringing the security of Blockchain to replace current ID use
  •  Blockchain Smart IDs will have the same protection as crypto wallets
  •  API integration across all verticals within healthcare, finance, & gov
  •  20 clients adds 1.5mil users with 5-10 percent /mo total user growth

Overview

  • Company provides ID Verification SaaS solutions that help organizations around the world reduce fraud, mitigate risk, and accurately verify users online or on the fly. Currently operates mainly in USA (Florida), and also in UK, Mexico, and Turkey. The next target geography is Italy due to a special arrangement with the Italian Government, looking to roll out ID verification across numerous principalities. 
  • First go-to-market ID product can be rolled out in 6 months after US$1.5m is obtained from raise.
  • Healthcare is the hottest market for the company as they rely on frequent access and storing of patient records. They have their Proof of Concept currently tested with immensely positive feedback via Walgreens, the second-largest pharmacy store chain in the United States.
  • Current pipeline generated US$37,500 per month in 2021 which is the result of serving 15 unique clients using SaaS recurring model comprising of annual recurring revenue per user mixed of fixed and volume-based costs.
  • Cost of Customer Acquisition (2022) = $1.42, Customer/User Lifetime Value (LTV) in 5 years (min.) = $5.60, Churn Rate (exp.) = 10%
  • They've engaged with a Senator in Italy, where the Italian Electronic Identification Card is currently being revamped. This company is being given serious consideration to capture a large percentage of the population of over 60 million. Specifically, the forecast is calculated conservatively to onboard 9 million Italian citizens as users in the first year, which amounts to $6.84m sales for the company at 30% revenue share earned through these citizens.
  • Further financing details provided upon enquiry

Deal details

About

A Florida-based ID verification company using Blockchain as opposed to a central database, providing a service to organisations to better secure their data from the risk of loss as well as faster processing for users signing in to either make payment, pass an ID check, or simply identify themselves to enter locations. Essentially this company provides ID Verification SaaS solutions that help organizations around the world reduce fraud, mitigate risk, and accurately verify users online or on the fly. 

The flagship product's unparalleled speed of transaction comes from having no need for forms or any admin on-premises.

One ID for reusability and replacement for multiple ID use cases such as health insurance, proof of age, patient info, etc.)

Eventually this unique ID will be able to connect with monetary transactions that employers can use to pay their employees, and allow Gift Card businesses to transfer funds to their product sellers instantly.

B2B clients that highly need and demand this product are within Healthcare, Telemedicine, and Microloans/Pawn

The company intends to infiltrate and piggyback the OEM market (original equipment manufacturer (OEM) is a company whose goods are used as components in the products of another company, which then sells the finished item to users)

Proof of Concept agreement signed with Walgreens, the second-largest pharmacy store chain in the United States behind CVS Health (ten departments within Walgreens signed up with positive feedback so far). A forecast of 1 million users after the first quarter after signing with Walgreens is expected from a total patient count of 28 million in US alone, not counting their other international subsidiaries. Proof of Concept implementation is also concurrently running for EZCORP (a finance giant with a market cap of $349.91m) 

SaaS recurring model comprising of 

  1. annual recurring revenue per user as fixed and volume-based costs (the more interaction instances happen within ID checks, the more revenue for the company given they make money when there is "activity") 
  2. integration and white label fees

Target B2G organizations to close on include:

  • Dept of Justices / Dept of State (USA)
  • Anadolu Bank and IS Bank (Turkey) > Coinbase (USA)
  • International Powered Access Federation (safe use of powered equipment, UK)

Partnership discussion with EHR Data, a multi-faceted data utility built with Blockchain that generates US$200m in annual revenue - Homeland Security (USA)

The founder has 25 years of entrepreneurship including taking a previous startup to IPO of a market cap over $1.5B on the Nasdaq (Europe). CTO has over 30 years of IT specializing in Blockchain

100 percent debt free company.

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