T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID) (dba Trust Stamp) said it has onboarded 21 new customers to its low-code Orchestration Layer platform in the first half of 2024, bringing the total to 69.
"We have made tremendous progress building our business in 2024," said Trust Stamp president Andrew Gowasack.
Gowasack highlighted the increasing demand for Trust Stamp's AI-powered identity and fraud mitigation products due to the rise of sophisticated AI-powered attacks. "I believe that the current and projected growth in our business is fueled by our investments in research and development that have resulted in a substantial portfolio of patented Quantum-Proof AI-powered technologies," he said.
The company has made significant strides in expanding its customer base, adding 14 banks to its Orchestration Layer through a main channel partnership.
Trust Stamp's Identity Tokenization (IT2) technology allows biometric data to be used safely for various processes without storing the underlying data. Its first Orchestration Layer customer in full production is generating over $14,000 of monthly recurring revenue, according to Gowasack.
In addition, Trust Stamp has established new distribution channels with NayaOne Marketplace and AWS Marketplace, allowing prospects to access and integrate Trust Stamp technology without expanding the company's headcount.
Internationally, Trust Stamp has partnered with Africa’s largest mobile network provider for a proof of concept deploying its technology for mobile identity verification and is expanding usage to banks in at least two African countries in H2 2024 through a master services agreement with a branded card network.
Trust Stamp also expanded into social media, signing its first customer for AI-powered age estimation technology.
Further, the company has initiated implementations with a strategic partner serving automotive dealerships in the US, entered partnerships for the IoT market with partners in the UK and Denmark, and engaged in a go-to-market collaboration for healthcare in the UK, US, and Scandinavian markets. Trust Stamp was also awarded a multi-year public safety contract by an EU government.
"For several years we have invested in developing specialized products for the U.S. federal government," Gowasack said. "In January 2024, we entered a teaming agreement with ManTech for our Quantum-Safe technology services, extending our strategic relationship to potential defense sector uses.
“While political uncertainty affects the timing of new federal projects, we anticipate significant revenue in 2025."