Welsh fingerprint tech company secures £2m
A disruptive fingerprint tech company has received a £2m investment from Deepbridge Capital.
Touch Biometrix received the Series A funding through the Deepbridge Technology Growth Enterprise Investment Scheme (EIS) fund, flowing initial seed funding of £150,000 last year.
The North Wales based company is developing a new class of fingerprint sensor for application to consumer electronics such as smartphones and laptops.
Based on its own sensor designs and algorithms, the Touch Biometrix platform will enable fingerprint sensors of any shape or size that can be integrated into consumer electronics and smart objects.
The technology under development is expected to disrupt the cost of ownership by targeting a sensor price of less than $1 per sensor by the end of 2019.
The company believes this will open the market for integration of a low-cost, highly secure biometric authentication platform, not only into high tier brands but also into low and mid-tier consumer electronics.
Last year the company was recognised in a global report as one of the top 20 fingerprint tech businesses alongside the likes of Apple, Synaptics and Goodix.
"This new and substantial investment from Deepbridge will enable Touch Biometrix to build upon its development work with the aim of defining its first minimum viable product ahead of scaled production in early 2020,” said Mike Cowin, CEO of St Asaph headquartered Touch Biometrix.
"Deepbridge is a specialist in investing in growth-focussed tech businesses. In addition to funding, they also have a hugely experienced team which has provided us with the best possible support, advice and encouragement. They are the ideal partner for Touch Biometrix."