Fingerprint technology company Touch Biometrix raises £2 million
Touch Biometrix announced today it has received a £2 million investment from Deepbridge Capital. The Series A funding through the Deepbridge Technology Growth Enterprise Investment Scheme (EIS) fund follows initial seed funding of £150,000 last year.
The North Wales-based fingerprint technology company notes that the Touch Biometrix platform, which is based on proprietary sensor designs and algorithms, will enable fingerprint sensors of any shape or size to be integrated easily into a wide range of consumer electronics and smart objects. The company is targeting a sensor price of less than $1 per sensor by the end of 2019.
“This new and substantial investment from Deepbridge will enable Touch Biometrix to build upon its development work with the aim of defining its first minimum viable product ahead of scaled production in early 2020,” said Mike Cowin, Touch Biometrix CEO. “Deepbridge is a specialist in investing in growth-focussed tech businesses. In addition to funding, they also have a hugely experienced team which has provided us with the best possible support, advice and encouragement. They are the ideal partner for Touch Biometrix.”
“We are delighted to continue our support for Touch Biometrix at what is an exciting time for the biometric industry,” added Ian Warwick, managing partner of Deepbridge Capital. “We understand there is an increasing need for secure user authentication technology and we believe Touch Biometrix has the capability to move quickly in this market. This investment will support the commercialisation of its technology platform.”
Last summer Touch Biometrix was awarded funding from the Welsh government’s £63.4M SMARTCymru program which helps businesses in Wales develop new products, processes and services by supporting increased investment in research, development and innovation.