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Iris biometric technology up for sale appears to be IriTech’s

Iris biometric technology up for sale appears to be IriTech’s

A notice from a California-based mergers and acquisition agency seeks investment in or the sale of patented biometric identity technology that matches technologies developed by U.S.-based IriTech Inc. The firm’s latest developments for crypto, AR/VR and the metaverse seem to be reasons for the sale or investment call.

ProNova Partners’ notice states the technology is covered by 28 patents and “involves iris recognition including in the outdoors under bright sunlight, plus world-leading iris recognition tech” integrated with a crypto wallet.

IriTech recently announced its development of a series of iris biometrics technologies which combine in what it states is the most secure crypto wallet, and which could be adapted for AR and VR use. The firm has been offering hardware that can capture iris in daylight for several years, announced in their 2015 blogpost.

A description of the firm up for sale refers to it as having “the only iris camera system satisfying MOSIP SBI 2.0 requirements for authentication.” IriTech completed a self-assessment for MOSIP SBI 2.0 compliance a year ago.

The biometrics firm is listed as having gross revenue of $1,595,000, which IriTech CEO Dr. Daehoon Kim tells Biometric Update his company earned in its last fiscal quarter. The reason for the offering is listed in the description as “world-wide expansion.”

The clients listed by ProNova Partners also match those of IriTech, such as the governments of India and the Philippines as well as the UN.

This post was updated at 8:18pm Eastern on August 29, 2022, to clarify the revenue figure with information from IriTech’s CEO.

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