Yinda Infocomm doubles down on Tech5 biometrics with $8M investment
Tech5 has received a further $8 million investment from Yinda Infocomm, which has also expressed an intention to exercise its rights to convert a previously-announced $2.5 million term loan into shares. The $10.5 million total investment gives Yinda Infocomm a minority equity share of Tech5.
Tech5 intends to use the funding to boost the global reach of its face, fingerprint and iris biometrics, increase its brand awareness, and further its research and development efforts to continue innovating to bring its customers “true leading-edge identity management solutions,” states Tech5 Co-founder and CEO Machiel van der Harst.
“With a strong background and experience in developing Identity Management solutions for Foundational ID’s and derived Functional ID’s, TECH5’s strategic focus is on the realization of Mobile ID issuance platforms for secure and private digital credentials that can be bound to the holder through online and offline biometric verification,” van der Harst says. “This disruptive offering has received significant market interest and is poised to become TECH5’s next flagship product.”
Tech5’s expansion efforts funded by the investment will focus on the Asia-Pacific region, plus strategic markets in Africa and Latin America. The company plans to continue development of its flagship biometric matching platforms and digital ID solutions based on its NIST-tested algorithms.
“Our vision is to become a leading expert in Identity Management, especially in the space of Digital Onboarding and Digital ID,” comments Yinda Infocomm Executive Director and CEO Pierre Prunier. “We will keep building and offering platforms to our customers in the public and private sector. This will be achieved by way of building the relevant technology stack in-house or via smaller acquisitions in the future. Thus, the further strengthening of our partnership with TECH5 is a right move as it gives us immediate access to continued research and development in the latest identity management biometric technologies and allows us to expand our footprint globally.”
Tech5 also recently launched a new subsidiary to deliver its biometric technology in a citizen-controlled digital ID solution for the UK market.