Tech5, Videosign raise millions in funding for biometric solutions
Tech5 is receiving a US$10 million from Singaporean investors to boost the company’s efforts of global expansion and biometric development. Videosign, a British facial verification and proof of signature company, also raised £1.1 million (approximately US$1.4 million) to develop its online security platform, according to The Business Desk.
Tech5 says the money will be used to continue the expansion of its global reach and aid in the development and enhancement of its contactless biometric capture, identification, verification, and authentication products, as well as its digital credential platform. Tech5 offers facial, fingerprint, and iris biometrics that have passed NIST benchmark tests, the Swiss company adds.
It will open a third European subsidiary in the second quarter of 2022, joining its recent Australian office and plans for a Middle East location.
The latest investment round follows a $10.5 million investment from Singapore-based Totm Technologies in 2021. Tan Chin Tuan, a member of Totm, sees “tremendous potential in Tech5 with its unique biometric technology portfolio, serving the needs of a fast-growing biometric market.”
Machiel van der Harst, co-founder and CEO of Tech5, expressed his optimism with the new investment. “We are growing rapidly as a company, covering new geographies, and developing a wide network of partners across the globe. We believe that our inclusive technologies and vision will allow us to unlock new prospective markets for our digital ID and other offerings. The interest shown in us by this new group of investors is a testament to our market potential.”
Videosign funding to fuel security platform development
Videosign also raised £1.1 million from South Africa’s Moonstone Group to fund the development of its digital security platform that uses electronic signatures, AI, and facial recognition to verify identities.
Videosign offers an online meeting platform to record video and IP addresses with timestamps to permit e-commissioning and remote witnessing of signatures on legal documents. It also uses AI and facial recognition to compare photo ID to the person on screen to verify their identity, and connect to external identity databases for further checks.
Hjalmar Bekker, CEO of Moonstone, says the company uses Videosign’s services for business applications and that the use of electronic signatures will increase. Bekker believes that “Videosign will play a pivotal role in its growing acceptance among users, bringing document-signing into the 21st century.”
Steven Tallant, founder and CEO of Videosign, says, “This is an exciting time for Videosign, and we have plans to continue improving our security features to offer even stronger levels of assurance and compliance to our customers and lead the way in this evolving way of doing business.”