Normee raises $2.5M to fund expansion of palm print and vein biometrics to overseas markets
Japanese startup Normee, which develops software for palm print and vein biometrics on mobile devices, has raised 270 million yen (just over US$2.5 million) in a funding round led by San Jose-based Pegasus Tech Ventures, with plans to invest in overseas expansion.
The cloud-based technology provides accurate authentication on any mobile device with the standard visible-spectrum camera, according to the announcement as translated by Google.
The technology has been found to have a false acceptance rate (FAR) of 0.0006 percent at a false rejection rate (FRR) of 0.2 percent, which the company says exceeds that of other biometrics on mobile devices. The biometric software works on Android, iOS and Windows platforms, and is protected by patents in 11 countries. The contactless authentication method can be used for various applications, including payments, the company says.
The company tells EETimes Japan that interest in its software has increased significantly since March, and that listed companies in Japan expressed interest in acquiring the company during May.
In an email to Biometric Update, a company spokesperson said that credit card company JCB is a key partner in Japan and that Normee’s technology is also used by Softbank, NTT West, and Volkswagon.
The technology is certified to the international Common Criteria standard for IT security, according to the announcement.
Redrock Biometrics Co-founder and Chairman Lenny Kontsevich discussed the bright future of palm biometrics with Biometric Update in a recent interview.