TECH5 is proving to be popular with investors in Singapore. The company brought in $10.5 million from Singapore’s TOTM Technologies (previously known as Yinda Infocomm) in 2021, and has now supplemented that with another $10 million from a new group of Singaporean investors who prioritize technology developers.
According to TECH5, most of that money will be used to fuel TECH5’s ongoing international expansion. The company is based in Geneva, Switzerland, and it has already opened subsidiaries in Scotland and Australia. It is soon planning to add to that total with a third office in Europe, and a new office located in the Middle East. Of those, the third European office is the more imminent, and is expected to open in the second quarter of this year.
TECH5 will also use some of the funds to further the development of its technology portfolio. The company is best known for its biometric and digital identity offerings, which already serve as the foundation for several national ID programs.
“We see tremendous potential in TECH5 with its unique biometric technology portfolio, serving the needs of a fast-growing biometric market,” said Tan Chin Tuan, one of the investors who backed the latest funding round. “We are delighted to announce our investment in support of TECH5’s plans to build cutting edge technology and market leadership.”
“We believe that our technologies and vision will allow us to unlock new prospective markets for our digital ID and other offerings,” added TECH5 Co-founder and CEO Machiel van der Harst. “The interest shown in us by this new group of investors is a testament to our market potential.”
TECH5 currently offers support for face, fingerprint, and iris recognition, and has performed well with all three modalities in independent NIST testing. The company is hoping to capture a portion of a biometric technology market that is expected to hit $127.32 billion in 2030.
April 6, 2022 – by Eric Weiss