January 14, 2015 -
BIO-key International reported it has earned revenue in both the fourth quarter and full 2014 fiscal year from advanced fingerprint authentication solutions within its OEM and mobility business segment.
The company’s OEM and mobility business generated over $500,000 in revenue in the fourth quarter of 2014 and nearly $2 million for the full fiscal year.
This growth can be attributed to several factors. First, BIO-key entered development partnerships with Advanced Micro Devices and Trustonic, soon after launching its strategic development agreement with InterDigital Corporation.
Additionally, BIO-key expanded the capabilities of its NIST-validated vector segment technology algorithm to include full size, small area and swipe sensors.
Licensing the vector segment technology to sensor manufacturers for delivery with its sensor hardware led to growth in BIO-key’s 2014 revenue.
BIO-key’s solutions provide secure user authentication on the device or in the network and cloud, enabling it to deliver rapid and accurate fingerprint identification and verification on an OEM basis for any size fingerprint sensor produced for the mobility, identity and access management and Internet-of-things marketplaces.
“Rather than placing security, convenience and interoperability at cross purposes, our customers can utilize BIO-key’s flexible algorithm suite for everything from small sensor and in-device matching to highly secure, robust matches in the context of a security-sensitive use case,” said Jim Sullivan, BIO-key’s VP of strategy and business development. “Our proven interoperable algorithm accommodates our customers’ sensor technologies as they evolve over time between swipe and area, capacitive and thin film approaches. BIO-key is unique in serving this full range of use cases.”
Previously reported, BIO-key International recently received initial purchase orders for fingerprint authentication solutions from hospitals in the states of New York, Ohio, Kentucky and California, totaling $130,000.