August 16, 2013 -
NXT-ID, a biometric access control company has announced it will begin trading on the OTCQB starting today.
The company’s trading symbol is NXTD.
According to the company, it is an early stage venture focused on providing biometric access control to mobile commerce, law enforcement communities and others. The company went public through an S1 self-registration and has also received funding from Connecticut Innovations, the state’s quasi-public authority focused on growing Connecticut businesses through financing and strategic assistance.
NXT-ID’s technology is based on dynamic pairing codes, which are a new proprietary method to secure users or devices by sharing key identifiers between end-points.
Part of the NXT-ID technology portfolio is based on years of development, dating back to 1995, the company says. “NXT-ID’s licensed biometric technologies have historically won awards from the Department of Defense, NIH, NIST and NSF amounting to more than $30 million.”
NXT-ID’s initial efforts out of the gate will be on developing a secure biometric eWallet for the mobile commerce market. Called the “Wocket”, NXT-ID says this will be capable of supporting virtually every payment method currently available, including the magnetic stripe, touchless payment systems and barcode.
Last year, the company acquired 3D-ID, and is now marketing its line of secure 3D FaceMatch biometric identification systems for law enforcement. 3D-ID, as a subsidiary of NXT-ID, has 22 licensed patents in the field of 3D facial recognition and generated a quarter of a million dollars from its initial sales last year.