Geneva-based biometrics specialist TECH5 receives $ 2.5 millionWednesday 28 April 2021
Recognizing TECH5’s leadership and growth potential in identity management and digital ID, the company received $ 2.5 million of investment from Yinda Infocomm through a loan convertible into shares.
TECH5 has received a $ 2.5 million investment from Singapore-based Yinda Infocomm via a loan convertible into shares in return for a preferential licencing agreement to distribute its biometric technology for digital ID in China and Japan. Yinda has also acquired Singapore-based TECH5 partner International Biometrics.
Headquartered in Geneva, TECH5 is dedicated to the design, development, and distribution of biometrics-driven Identity Management solutions. “For TECH5 this is the first external investment. The company has so far been fully self-financing from proceeds from projects worldwide”, says TECH5 Co-Founder and CEO Machiel van der Harst.
The partnership with TECH5 enables Yinda to distribute and utilize TECH5’s biometric technology solutions in China and Japan. While the companies plan to focus efforts on distribution of the TECH5 technology platforms in Asia, key attention will be paid to the company’s latest innovations in Digital ID.
“While we concentrate on keeping our biometric algorithms and platform in the top tier, we are using our heritage in biometrics, applying experience and technology to a new, disruptive kind of mobile ID which, unique in the market, allows you to verify someone’s identity biometrically in a totally offline manner, with or without a smartphone”, explains Rahul Parthe, Co-Founder and CTO of TECH5. “This investment will allow us to extend our research to share the latest and greatest AI-based products with our customers.”