Yinda Infocomm has made a $2.5 million investment in TECH5. The funds arrive in the form of a loan that can be converted into shares, and mark the first time that TECH5 has received an investment from an external source. In the past, the company has financed itself with the revenues from its commercial projects all over the world.
For its contribution, Yinda will receive a preferential licensing agreement for the Chinese and Japanese market. The agreement will allow the company to use and distribute TECH5’s biometric technology in both countries, and also allow Yinda and TECH5 to make in-roads in Asia more generally. Yinda and TECH5 indicated that they will work together to advance Digital IDs in the region, with TECH5 calling particular attention to mobile ID technology that enables offline biometric identity verification using a smartphone or some other device.
Indonesia’s InterBio will act as the system integrator for those Yinda and TECH5 collaborations. TECH5 is based in Switzerland, while Yinda operates out of Singapore.
“Yinda’s investment in our company is proof of TECH5’s technology leadership and endorsement of our growth prospects,” said TECH5 Co-founder and CEO Machiel van der Harst.
“Despite being a relatively young company, TECH5 has consistently ranked alongside top tier biometric technology providers with three modalities (face, finger, iris) under one umbrella,” added Yinda Executive Director Gordon Tan. “TECH5 has also shown rapid growth in verticals leveraging their disruptive technologies. This experience combined with our presence will help this partnership achieve great success in Asia and extend to larger geographies. We believe that TECH5 will be able to capitalize on this partnership and achieve further growth.”
TECH5 already has a foothold in India, where it has provided facial recognition technology for an exam security specialist, and for a mobile access solution for government services. The company recently released a new T5-Finger SDK after it posted a strong score in the latest round of the NIST’s PFT III evaluation.
January 26, 2021 – by Eric Weiss