Zwipe raises $5M investment from Kuang-Chi Group

October 14, 2015 - 

Fingerprint authentication firm Zwipe announced that it has raised $5 million in equity from Photon Future Ltd., a wholly owned subsidiary of the Kuang-Chi Group, making the high-tech Chinese holding group Zwipe’s largest shareholder with a 20% stake in the company.

The series B investment enables Zwipe to accelerate the commercialization of its biometric authentication technology and to finance further research and development activities, while bringing the company’s total amount raised since its inception in 2009 to $11 million.

Kuang-Chi has established a series of research and innovation platforms of science and technologies, which have been applied in diversified business areas including aerospace, near space exploration, sophisticated structure and equipment, internet banking. and the security industry.

Two of Kuang-Chi’s subsidiaries are listed companies that invest in advanced technology concepts including development and initial commercialization phases.

“The growth capital and commercialization support of Kuang-Chi comes at the right time as the biometric sector progresses rapidly and we are preparing to expand our global reach and product offerings,” said Kim Kristian Humborstad, founder and CEO of Zwipe. “We continue to be overwhelmed by the response from the market, validating our original intention of filling business plan of filling the gap between security and ease of use. The invested capital and commercial cooperation with Kaung-Chi is a critical factor to enable us to meet the market demand.”

The Zwipe payment card is the world’s first fingerprint-activated contactless payment card that combines the security of biometric authentication with the speed and convenience of contactless payment in a thin, ISO format card.

Dr. Ruopeng Liu, a member of the Kuang-Chi founding team, will immediately join the board of directors of Zwipe.

Previously reported, Danske Bank said it hopes to launch, within a year, biometric credit cards developed by Zwipe that verifies users’ identities via fingerprint authorization.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.