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Idex raises $11M for commercialization, partners to speed biometric card deployments

Idex raises $11M for commercialization, partners to speed biometric card deployments

Fingerprint biometrics firm Idex Biometrics has raised NOK 125 million ($11 million) via the sale of 147 million new shares at NOK 0.85 ($.077) per share.

The Norwegian firm said it intends to use the proceeds to accelerate its product commercialization, working capital and general corporate purposes.

In addition, Idex and French card maker SELP have partnered to accelerate the deployment of biometric smart cards.

SELP makes more than 350 million a year in 60 countries across Europe, Central America, Africa, the Middle East, and India.

Deals have been piling up for the firm over the past few months.

Earlier this week Idex unveiled plans to move into Bangladesh, with 170 million residents, via a partnership with payments systems integrator doelPay. Idex says it is working with three of Bangladesh’s largest banks.

DoelPay says it expects to have biometric payment cards for consumers in the region in the fourth quarter.

In another move that could improve its footprint in Asia, the firm cut another deal earlier this May with Malaysia-based card software maker MCS Microsystems.

The deal will reportedly put Idex fingerprint sensors for biometric cards used in applications outside of payments, potentially civil identification and health care.

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