May 23, 2013 -
Facial recognition and identity management supplier, Digital Signal Corporation (DSC) has secured $50 million in funding from Technology Control Corporation (TCC).
With this deal, TCC has the option to increase the investment up to a total of approximately $110 million over the next year.
According to the company, the new funding will be used to support the Company’s expansion including sales and marketing, distribution and manufacturing, as well to establish DSC’s international headquarters in Geneva, Switzerland. This new round brings DSC’s total funding to nearly $100 million, counting previous capital raised from other venture firms.
“TCC is delighted to make this investment and further our partnership with DSC and we believe that DSC’s technologies comprise a near term multi-billion dollar opportunity in the Middle East market and multiples of that worldwide. The company’s model and mission are compelling both from a business perspective and from a security standpoint, as DSC has the means to protect the lives, freedoms and assets of the citizens of the world,” Founder and chairman of the Board of TCC, Bejad Alharbi said.
Facial recognition, in which DSC specializes, is a growing focus in the biometrics community and adoption is spreading, thanks to non-invasive and accessible technology.
According to a recent CNN/Time/Orc poll, 79% of Americans are in favor of using facial recognition at various locations and public events, and 81% support expanded camera surveillance on streets and in public places.
“We are extremely excited about our company and our new strategic partnership with TCC. This new investment will allow us to continue to accelerate our global growth strategy. Our team is committed to making the world a safer place. The recent global events, particularly in my hometown, Boston, highlight the need for groundbreaking technology that accurately identifies those with malintent before they commit a treacherous act,” David Guttadauro, President and CEO of DSC said.