INSUBCONTINENT EXCLUSIVE:
The turmoil continues at facial recognition startup Kairos
Last night, Kairos founder Brian Brackeen filed a counter lawsuit against Kairos and its interim CEO Melissa Doval that seeks $10 million
in damages.Kairos is a facial recognition startup that has become well-known for its stance to never sell to law enforcement
At Disrupt SF 2018, Brackeen showed his technology and spoke on a panel about the hazards of facial recognition and algorithmic bias.This
potential investors, misappropriated corporate funds, did not report to the board of directors and created a divisive atmosphere
said in an email to TechCrunch
where Brackeen hopes they will vote to remove the board and reinstate him as CEO
That meeting was supposed to happen last week, but has since been rescheduled
support from all classes of shareholders this past week, Kairos under Melissa Doval is focused on building its business behind its new
that received in prior fundraising transactions, the structure of the offering as a rights offering to all existing investors in the Company
will allow the Company to raise needed capital without subjecting participating investors to dilution of their ownership stakes in the
believes that revenue growth through sales either will enable the Company to become financially self-sustaining or will place the Company on
been able to raise $3.5 million in venture funding, and is targeting a total of $5 million
This funding, he hopes, will be successful in convincing shareholders to vote to replace the board
Brackeen raised this funding from Beyond Capital Markets, an impact investment fund
Though, that money is contingent upon Brackeen rejoining the company as CEO and the board resigns.But convincing BCM to invest given the
