Touch Biometrix, the disruptive fingerprint technology company, has received a £2million investment from Deepbridge Capital.
The Series A funding through the Deepbridge Technology Growth Enterprise Investment Scheme (EIS) fund follows initial seed funding of £150,000 last year.
Touch Biometrix is developing a new class of fingerprint sensor for application to consumer electronics such as smartphones and laptops. Based on proprietary sensor designs and algorithms, the Touch Biometrix platform will enable fingerprint sensors of any shape or size that can easily be integrated into a wide range of consumer electronics and smart objects. The user authentication experience will not only be more intuitive but will offer unbreakable security – eliminating the need for passwords.
The technology under development is expected to disrupt the cost of ownership by targeting a sensor price of less than $1 per sensor by the end of 2019, so opening the market for integration of a low-cost, highly secure biometric authentication platform into not only high tier brands but also into low and medium tier consumer electronic brands.
Last year, Touch Biometrix was recognised in a global report as one of the top 20 fingerprint tech businesses alongside the likes of Apple, Synaptics and Goodix.
Mike Cowin, CEO of 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 product 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.”
Ian Warwick, Managing Partner of Deepbridge Capital, said:
“We are delighted to continue our support with 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 their technology platform.”
The market demand for fingerprint sensors is expected to exceed 1.5 billion units per year by 2020i with the global market for biometrics to reach $15 billion by 2025.
The demand for user authentication is experiencing tremendous growth as the drive to increase the adoption of highly secure and cost-effective user identification for the use of mobile payment services continues. It is expected that biometrics will be standard in 90% of mobile devices by 2022, generating 1.37 trillion payment and non-payment mobile device transactions.
For more information, please contact Lucy Mason at MASON on 0151 239 5050 / 07903 197402 or email: email@example.com
About Touch Biometrix Ltd
Touch Biometrix was founded in 2017 with the aim of becoming one of the top 5 fingerprint sensor suppliers by 2023. Touch Biometrix is a developer of a new class of fingerprint sensor for the consumer electronics industry. Based on proprietary technology and sensing algorithms Touch Biometrix is developing a range of fingerprint sensors of any shape or size that offer ease of product integration for a more convenient user experience on a wider range of products. Manufactured on plastic or flexible glass Touch Biometrix sensors will offer a new standard in ease of use and security. Utilising a new manufacturing model Touch Biometrix fingerprint sensors are set to disrupt the market with a target cost of $1 enabling the widescale adoption into high, mid and low tier consumer electronic products.
Deepbridge Capital LLP
With over £120million of funds under management, Deepbridge Capital provides funding to growthfocussed UK technology, life sciences and renewable energy companies utilising Government initiatives such as the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS). The company has offices in Chester, London, Edinburgh, Bristol, Australia and the USA.