authID Inc. announced on November 4, 2024, a $10 million, multi-year agreement with a next-generation AI company in India. This agreement commits a minimum of $3.33 million annually for three years for licensing authID's identity platform services. The partnership aims to deliver advanced authentication for various industries, including banking, financial services, emergency services, and transportation.
authID's biometric identity platform will augment the partner's existing solutions, providing privacy-preserving biometric identity verification and authentication. The technology will power use cases such as onboarding, daily login, account recovery, and high-value transactions. This deployment is designed to comply with Indian privacy laws while safeguarding user identities and data.
Rhon Daguro, CEO of authID, emphasized the significance of entering the Indian market, which has over 1.4 billion citizens requiring authentication. He noted that authID's 1:1 billion biometric identity verification accuracy and 700-millisecond processing speed are crucial for the scale and assurance needed in this market. This partnership demonstrates authID's global market leadership and technical standing.
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