Validity Sensors to receive $20 million for biometric technology
Validity Sensors Inc. announced that it has secured approval for US$20 million in venture capital financing for its fingerprint sensors.
“The support from our investors continues to be outstanding. Recent market developments have confirmed the potential for fingerprint sensors as the preferred solution for identity validation and underscores the large opportunity for Validity’s natural ID products,” said Rob Baxter, Chief Executive Officer of Validity.
The first closing of $10 million occurred on October 4 and was led by TeleSoft Partners, along with full participation from existing investors, including Crosslink Capital, Panorama Capital, Qualcomm Ventures, and Venture Tech Associates.
The Series E financing follows Validity’s recent design-in focus of its next-generation fingerprint sensor technologies into smartphones and tablets and the acquisition of Validity’s largest competitor in October. Since launching its products in 2008, the company has shipped more than 30 million sensors to top-tier PC OEMs and is now strategically directing its resources to the multi-billion unit mobile phone and tablet markets that require authentication, more secure mobile payments, and enhanced device navigation. Funding will be used to accelerate the development of core technologies and other “natural ID” solutions targeted at these end markets and applications.
“As the lead investor in Validity, we are delighted to see confirmation of the value of fingerprint sensors in the evolving mobile device marketplace. Not only will the technology significantly improve the security for mobile devices and mobile e-commerce, it also enables individually customized e-commerce services and finger specific user interface opportunities,” said board member Arjun Gupta from TeleSoft Partners.