Precise Biometrics is moving into the smart vehicle market with a pair of new licensing agreements. Both agreements concern the company’s fingerprint recognition technology, and cover the use of the BioMatch algorithm in particular.
The agreements themselves were signed with two Original Equipment Manufacturers, and are worth roughly SEK 9 million (just shy of $1 million USD) together. The Manufacturers will also pay a regular fee for ongoing support and maintenance, and royalties based on the final number of sensors that get used, in addition to those upfront licensing costs.
Precise did not reveal the identities of its new partners. However, the company suggested that the new partnerships reflect the company’s recent efforts to find new applications for its fingerprint technology. As it relates to smart vehicles, Precise believes that fingerprint sensors will help with vehicle customization, since drivers would be able to link their biometrics to their preferred seat and infotainment settings, and the car would adjust automatically when it recognizes the person behind the wheel. People would also be able to use their fingerprints to log into in-car applications.
“Fingerprint recognition for enabling a convenient way to provide a tailor-made experience for the driver where You are the Key is a natural step in the development of next generation vehicles,” said Precise CEO Stefan Persson. “It is an important strategic move for us as it will enable a more strengthened and diversified revenue base within our business area.”
In November, Precise acquired EastCoast Solutions to boost its burgeoning access control portfolio. The company has spent much of the past two years pushing its YOUNiQ facial recognition technology, especially since contactless solutions have been in much higher demand during the pandemic. However, Precise is hoping that its fingerprint business will pick back up as COVID-based supply chain issues get resolved in 2022.
January 4, 2022 – by Eric Weiss