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Korean iris biometrics firm completes $2.1M series B financing round


CMITech, a Korea-based iris recognition products and solutions developer, has completed a $2.1M Series B financing round to accelerate its R&D efforts and expand its global customer support presence.

The venture investment firms who participated in this round include Magellan Technology, Investment of Seoul, SBI Investment Korea and Industrial Bank of Korea Capital. Daniel An of SBI Investment has been appointed to CMITech’s Board of Directors.

“We are delighted to bring in this investor group to support our continued innovation in iris recognition systems,” said Phil Tusa, Chief Operating Officer of CMITech. “They share our vision to achieve technology and product design leadership in high performance, intuitive and cost effective iris imagers.”

“CMITech has proven that it can design and produce leading edge iris recognition cameras that are very easy to use for non-acclimated consumers in a wide array of identity assurance applications,” said Daniel An of SBI Holdings. “We are very excited about what we have seen in their next generation product platform and their strategic direction to target emerging, high growth market sectors such as financial services authentication and healthcare.”

CMITech was founded in 2009 by the company’s CEO and CTO, Dr. JJ Chae.

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