Personr Secures $3 Million in Interest From Investors and Is Set To Secure Millions in the Next Round of Funding
In just a matter of five months, CEO Charlie Westerman's Personr has managed to raise $3 million worth of interest from investors after releasing its public pitch deck, at a $7 million valuation.
Westerman conceptualised the idea behind Personr after a coffee table discussion with now COO Nicholas Ahrens about blockchain technology. The two were able to identify specific issues with identity management and the world's backward solution for it. They realised that no one had developed a practical and technological solution despite the popularity of digital wallets.
Westerman, a serial entrepreneur responsible for bringing cloud game-streaming service NVIDIA GeForce NOW to Australia for Pentanet Ltd, saw an opportunity and a market that is yet to be defined. Alongside Ahrens, who runs his own creative media company, and Paul Edwards, the Managing Director of Atliis Innovations and known as one of the "Top 10 Most Successful CEOs Making a Difference" by CIO Views in 2021, Westerman created Personr.
Currently, there are approximately 19.9 million Australians over the age of 18. These adolescents and adults will constantly need identity verification and protection for employment, credit card and rental applications, and police checks. In this digital age, consumers are becoming unavailable and won't have the luxury of time to send out documents repeatedly.
The problem isn't just limited to consumers. According to Westerman, enterprises face similar issues but also more serious ones. These businesses need to verify documents and certifications compliantly, which costs them millions of dollars annually.
Westerman hopes to answer these issues through Personr and become the pioneering, leading and gold standard in the identity management space, which technically doesn't exist yet.
Personr employs the latest technology for informational databases, artificial intelligence, certified liveness and custom-developed iOS, Android and web applications. Personr's AI can detect fraud and false identity with an accuracy of 99.95%. Its certified liveness technology can distinguish deepfakes and still images.
The real clincher is both consumers and enterprises can conduct identity verification or upload essential documents with just a click of a button. With Personr, all customers will save both time and money. Unsurprisingly, corporate companies are eager for Personr to go live since it will save them millions of dollars every year.