January 4, 2016 -
Japanese startup Liquid announced on December 25 that it has secured funding from Itochu, Information Services International-Dentsu, Credit Saison and The University of Tokyo Edge Capital according to a report by The Bridge.
Financial details of the investment were not disclosed.
Liquid develops payment solutions that leverage biometric authentication technology.
Liquid came out of the third incubation batch by Docomo Ventures. Prior to this funding announcement, Liquid received government grants in 2014 and 2015 totaling about $770,000 USD based on the firms qualification to the I-Challenge innovation initiative program by the Japanese Ministry of Internal Affairs and Communication. Liquid has previously received (an undisclosed sum) investment from UTEC and the company has disclosed that its shareholders include Japan’s NTT Group and Digital Garage.
The company has developed a biometric payment system called Liquid Pay that uses fingerprints and finger veins to authenticate users. Using a 1:N identification method with deep learning algorithms it only takes a few seconds to identify the user’s fingerprint. Once users are enrolled in this system, they can authorize purchases with their fingerprints foregoing the need to carry cash or credit cards.
The company says that by registering prints from two fingers, the risk of misidentifying the user is reduced to one in one hundred million.
Previously reported, Liquid is implementing its biometric payment system at numerous stores across Japan, authorizing customers to purchase goods and services with just their fingerprints and veins.