Fingerprint tech firm raises £2 million
Fingerprint technology firm Touch Biometrix has raised £2 million of investment to accelerate its global expansion plans and commercialise its designs.
The North Wales-based firm secured the funding through the Deepbridge Technology Growth Enterprise Investment Scheme (EIS) and comes a year after it raised £150,000.
It’s currently developing a new range of fingerprint sensors for use in consumer electronics such as smartphones and laptops, and hopes to disrupt the market by boosting affordability.
Mike Cowin, CEO of St Asaph headquartered Touch Biometrix, said: “This new and substantial investment from Deepbridge will enable Touch Biometrix to build upon its development work with the aim of defining its first minimum viable product ahead of scaled production in early 2020.
“Deepbridge is a specialist in investing in growth-focussed tech businesses. In addition to funding, they also have a hugely experienced team which has provided us with the best possible support, advice and encouragement. They are the ideal partner for Touch Biometrix.”
Last year, Touch Biometrix was recognised as one of the world’s leading fingerprint sensing companies alongside the likes of Apple, Synaptics and Goodix.
Touch Biometrix is representing Wales in the lucrative fingerprint sensing market, which is predicted to grow from $4.25 billion in 2018 to $8.8 billion by 2023.
Ian Warwick, Managing Partner of Deepbridge Capital, added: “We are delighted to continue our support for Touch Biometrix at what is an exciting time for the biometric industry.
“We understand there is an increasing need for secure user authentication technology and we believe Touch Biometrix has the capability to move quickly in this market. This investment will support the commercialisation of its technology platform.”