Touch Biometrix secures funding from Deepbridge Capital
Touch Biometrix announced it has secured £150,000 seed investment from Deepbridge Capital to enable the business to develop new fingerprint-based solutions for a range of consumer electronics. Deepbridge Capital provides funding to growth-focused technology and life sciences companies across the UK.
The UK-based fingerprint technology company was founded in 2017 by CEO Dr. Mike Cowin with the aim of becoming one of the top five fingerprint sensor suppliers in the world by 2023. According to a company statement, the company is developing a range of fingerprint sensors based on proprietary technology and sensing algorithms for a more convenient user experience on a wider range of products including smartphones and laptops.
“Our new manufacturing model is set to disrupt the market in terms of performance and cost, at less than $1 a unit,” said Dr. Cowin. “Fast, secure and impossible to spoof, our technology will eliminate the need for passwords. We will be using the money from the initial seed funding round to establish a minimum viable product in collaboration with our supply chain partners.”
“We are delighted to be working in partnership with Touch Biometrix at what is an exciting time for the biometrics industry,” added Ian Warwick, Managing Partner at Deepbridge Capital.
Recent research by IHS Markit suggests that the fingerprint sensor market is facing a major disruption as new competitors have entered the market and gained share over the last couple of years.