Authtech light ID

Unlocking the future with light

https://authtech.co/

Stage: Seed/Pre-revenue

Industry: AI Technology

Number of employees: 6

Market size: $28B

Use of proceeds

Team building, product development, marketing, and operations

Management team

Mike Yoo, CEO & co-founder - serial entrepreneur, 15+ years of experience in global business and product development

Wenhao Yang, COO & co-founder - MS in InfoSys from JHU, 3+ years experience in strategic partnerships & entrepreneurship

Active M&A market

• Thoma Bravo acquired ForgeRock for $2.3 billion in 2022
• Okta acquired Auth0 for $6.5 billion in 2021
• MasterCard acquired Ekata in 2021 for $850 million

Problems

Americans held 3.84 credit card accounts on average*. By adopting mobile wallets, people can carry more than 3 cards and choose which ones to use. What if rule-based AI** automatically selects the best card for payment to optimize benefits for the user during the payment process?

Our Solution

Authtech puts verification first and completes payment last during payment processes. With Authtech, users can verify their identity first and then rule-based AI** chooses the best card based on merchant information and the card benefit program. Once the card is selected, the Authtech wallet will automatically complete the payment process.

What is Authtech?

Authtech is a digital ID wallet that allows users to quickly and securely access online & offline services from anywhere. Our patented light ID and reverse-NFC technologies distinguish the authentication process from the whole payment process. With Authtech, users no longer need to rely on passwords and can enjoy a universal digital ID wallet for a range of applications, including mobile payments, online logins, P2P transactions, and smart lock access.***

Use Cases

• Digital ID: Users can get verified at hotel check-ins, control smart locks, and use Authtech’s digital ID wallet to replace all physical IDs.
• Healthcare: Authtech wallet can include patient insurance IDs for clinic check-ins or prescriptions.
• Mobile & In-Vehicle Payment: Pay easily for online shopping, in-store purchases, p2p transactions, and even drive-thru using Authtech’s digital wallet.

Top Milestones

• Global patents issued in 12 countries and pending in 2 countries
• Built machine learning model for analyzing real-time signals;
• Ready for production level;
• 3 signed LOIs from clients and 2 partner integrations.

Competitors → Partners

Apple Pay: Using NFC technology, unsecured but broadly used

Google Pay: Online and offline payment, needs an edge to compete with others

Google authentication: APP based, not used in payment or ID-less signing up

Go to Market

• B2B, focusing on smart home and physical secure access.
• Account-based & partner marketing, conferences/trade shows, email marketing, and social media.
• Quick-applying model (reverse-NFC) available for faster user technology adoption.
• Continue building partner networks and prepare for other industries including Web3 and healthcare.

Revenue Model

B2C: Mobile Wallet → Authtech gets 10% of money users earned through Authtech Wallet

B2B: Authentication → Subscription & licensing hybrid model

• Subscription: for low usage, $50 per user per year
• Licensing: for 1000+ users, customizable solutions

*Average number of credit cards per consumer

** Rule-based AI

*** Machine Learning System