May 16, 2014 -
Nemex Resources has announced that it has completed an initial investment of $700,000 to acquire a 20% stake in Wavefront Biometric Technologies, and has also ended its due diligence review into the acquisition.
According to the Australia-based Nemex, under the principal terms of the agreement, Nemex can acquire up to a 51% stake in Wavefront.
The money from this initial investment will be used for the next stage of Wavefront’s development program, targeted at implementing its biometric authentication technology into a handheld device.
According to a report in ProactiveInvestors, firm commitments have been secured for a $1.8 million capital raising, through the issue of more shares.
At this stage, there are a lot of emerging startups in the biometrics space, and at the same time, there is a lot of M&A activity in the sector. According to a Biometrics Research Note from the Biometrics Research Group, the trend of consolidation is expected to continue.
In 2008, Wavefront filed a patent regarding a system of authentication based on the shape of users’ corneas. From the published patent application, “the apparatus comprises an image projection device to generate and project an image of a pattern, made up of plural discrete points, onto at least a part of the cornea of an eye of the person”