Zwipe announces joint venture with Kuang-Chi Group
Biometrics technology company Zwipe has announced an agreement to form a joint venture with Kuang-Chi Group to create a commercial platform in China for Zwipe’s biometric authentication technology.
Zwipe develops fingerprint technology that operates without batteries.
“This joint venture confirms our strong position in the rapidly evolving biometric sector,” said Kim Kristian Humborstad, CEO and founder of Zwipe. “Establishing this joint venture extends the strong cooperation with Kuang-Chi and amplifies our go-to-market strategy for our product portfolio towards the Chinese market. Our technology is currently implemented in cards, for payment, access control and government ID, and in China we see considerable interest for all three segments.”
“Zwipe fits perfectly with our strategy as it has a strong technology platform that can be commercialized and scaled. In addition, they have teamed up with channel partners that are global household names. As we are in the midst of a biometric revolution, we are very excited about this joint venture and partnership with a global technology leader,” said Dr. Liu Ruopeng, Chairman of Kuang-Chi.
Zwipe and Kuang-Chi will hold 49% and 51% of the joint venture, respectively, and follows Kuang-Chi’s investment in Zwipe back in October 2015, where they acquired a 20% stake in the Norwegian company in addition to granting a credit facility.
This joint venture will see Kuang-Chi’s investment in Zwipe increase to $8.9M USD.