Israeli media reports FST Biometrics is shutting down
FST Biometrics is shutting down after 11 years of providing facial recognition and behavioral biometrics, according to reports in a pair of Israeli newspapers. Hebrew newspaper The Marker and English-language paper Haaretz both report that the decision was made at a board meeting in June, with the latter reporting the decision was due to a lack of customers.
“Management is now making an effort to meet its obligations to customers and minimize the harm to its employees,” an anonymous source said, according to Haaretz.
The company was founded by retired Major General Aharon Zeevi Farkash, while former prime minster Ehud Barak served on its board of directors, along with Amdocs founder Avi Noar, who was also CEO. FST had raised $23 million in venture capital, and its IMID (In Motion Identification) Access solution is used by large corporations and healthcare organizations, and was deployed at a UK health and fitness club earlier this year.
A representative of FST’s New York distributor was not aware of the reports or any change in the company’s status when reached for comment by Biometric Update, and FST had not responded to attempts by Biometric Update to reach the company for confirmation as of publication.