Zwipe completes $4.3M private placement
Zwipe has completed a $4.3 million private placement of new shares to existing and new investors.
“We are pleased that our value proposition – easy, secure and fast authentication – is acknowledged by both our investors and partners, as demonstrated by this capital raise as well as the progress we see in all our verticals,” said Kim Humborstad, Zwipe CEO.
The biometrics technology company has commercialized two products, Access and ID cards which, according to a company statement, have near-term revenue potential. Zwipe has also developed a market-ready fingerprint activated payment card capable of operating without the need for a battery or fixed power supply that is currently undergoing commercial pilots.
This latest equity capital round follows Zwipe’s $4.5 million financing earlier this year and brings total raised in equity, debt, and grants since inception to $24 million. Zwipe’s is owned by both institutional and private investors, in addition to key employees and board members. After the transaction, subject to approval by an extraordinary general meeting held 7 December 2017, the CEO and founder, other key employees and board members will hold in total 26.6% of the outstanding shares.