Isorg raises €16M and plans FBI biometric certification, commercial market entry
Isorg has raised €16 million (roughly US$19 million) in a Series C funding round, and says the contributions of a pair of leading industrial companies confirms the readiness of its technology for biometric and other applications in the security and consumer electronics markets.
The latest investment round included participation from major industrial investors Sumitomo Chemical Co. Ltd. and Mitsubishi Corporation, as well as Integrated Systems Development SA and five new French investors represented by fund manager Financière Fonds Privés. Existing investors Bpifrance also contributed through its large venture funds, along with New Science Ventures, CEA Investment, and Sofimac Group. The company has raised a total of €47.8M ($58.4 million) in total since its 2016 launch.
Isorg plans to bring its organic photodiode (OPD) technology to the security market for use in multiple fingerprint biometric scanners, deploy global sales and application engineering teams, and transform is operations to support full-fledged industrial production.
The company plans to open a new location in Asia in the months ahead, and file for FBI certification of its FAP20 and FAP60 fingerprint biometric modules for security applications. Development of palm-sized modules and a biometric vein recognition module based on a client-validated sensor with near-infrared sensitivity are also expected in the near future.
“This third fundraising marks Isorg’s maturity and readiness to become the industrial player we set out to be at the very start of our venture 11 years ago,” states Jean Yves Gomez, CEO of Isorg. “The addition of new industrial investors from Japan and Greece, alongside our historical partners, is confirmation of our international ambition, the strength of our business model and product maturity.”
Isorg’s OPDs are used to develop large-area image sensors and biometric solutions, converting a substrate made from plastic, glass, or a CMOS into an optical sensing surface.
“OPD technology can be used in a variety of applications. We expect the OPD market will soon boom and expand rapidly through Isorg’s technology,” comments Isao Kurimoto, executive officer at Sumitomo Chemical Co Ltd.
Isorg notes that Transparency Market Research has forecast the global photodiode sensors market will grow at 7.7 percent CAGR from 2018 to 2026, reaching $867.7 million.
The company is demonstrating four-finger biometrics to support payment authentication from smartphones at MWC 2021.