Yinda Infocomm doubles down on Tech5 biometrics with $8M investment | Biometric Update
Summary
The $10.5 million total investment gives Yinda Infocomm a minority equity share of Tech5. The $2.5 million loan from Yinda Infocomm was announced in January, along with its purchase of InterBio. Tech5 intends to use the funding to boost the global reach of its face, fingerprint and iris biometrics, increase its brand awareness, and further its research and development efforts to continue innovating to bring its customers “true leading-edge identity management solutions,” states Tech5 Co-founder and CEO Machiel van der Harst. The company plans to continue development of its flagship biometric matching platforms and digital ID solutions based on its NIST-tested algorithms. Thus, the further strengthening of our partnership with TECH5 is a right move as it gives us immediate access to continued research and development in the latest identity management biometric technologies and allows us to expand our footprint globally.” Tech5 also recently launched a new subsidiary to deliver its biometric technology in a citizen-controlled digital ID solution for the UK market.