Yinda Infocomm is tripling down on its commitment to TECH5. The company initially invested $2.5 million in TECH5 back in January, and is now supplementing that with an additional $8 million to bring its total investment to $10.5 million.
In addition to providing the extra $8 million, Yinda indicated that it will be converting its original $2.5 million loan into TECH5 shares that will give Yinda a minority stake in the company. TECH5, meanwhile, plans to use the funds to advance the development of its various biometric technologies, and to support its ongoing international expansion. The original $2.5 million helped the company raise its profile in the Asia Pacific region, and the new $8 million will allow TECH5 to build on those efforts while also making inroads in Africa and Latin America.
TECH5’s portfolio includes face, fingerprint, and iris recognition solutions. The company is leveraging those technologies to link people’s biometric data to secure digital IDs, and recently launched a COVID-19 immunity credential that can be used in online and offline environments.
“Our vision is to become a leading expert in Identity Management, especially in the space of Digital Onboarding and Digital ID,” said Yinda CEO and Executive Director Pierre Prunier. “Our partnership with TECH5 gives us immediate access to continued research and development in the latest biometric technologies and allows us to expand our footprint globally.”
“This investment and partnership will help us boost our global reach, increase TECH5 brand awareness, and ensure that our partners and customers get access to true leading-edge identity management solutions,” added TECH5 Co-Founder and CEO Machiel van der Harst.
TECH5 is based in Switzerland, though the company opened a subsidiary in the United Kingdom earlier this year. Yinda is headquartered in Singapore, and obtained a preferential TECH5 licensing agreement for Japan and China with its first January investment.
May 21, 2021 – by Eric Weiss