Following its US$10.5 million financing round at the end of 2021, TECH5, the biometrics-driven Identity Management solutions provider, has raised more capital from a new group of investors in high technology companies from Singapore. The funds will support the startup’s global expansion.
TECH5 develops biometric technologies for face, fingerprint, and iris recognition, serving the fast-growing biometric technology market, expected to grow to $127.32 billion by 2030. Its flagship offering, T5-Digital ID, is the inclusive technology solution for identity issuance and verification via a citizen's smartphone and other authorised devices. It allows strong binding of the digital credential to the holder biometrically and brings ownership of the identity to its authorised holder. With T5-Digital ID, the holder controls what data to share under what circumstances.
TECH5 technologies put identity usage in the hands of its owner, the citizen. Identity data is protected through strong encryption, irreversible by design, and seamlessly uses advanced liveness detection algorithms to prevent unauthorised access. With protection by design, citizen ownership, and layers of security, TECH5 technologies provide a greater level of trust between citizens, governments, and service providers. The startup’s technology has also consistently achieved top-ranking in NIST benchmarking tests.
Headquartered in Geneva with a subsidiary in Scotland and Australia, TECH5 plans to open a third European subsidiary in the second quarter of 2022 and an office in the Middle East. With the geographical expansion, TECH5 will continue developing and enhancing its products for use cases such as contactless biometric capture, identification, verification and authentication, and its digital credential platform.
Machiel van der Harst, Co-Founder and CEO of TECH5, said “We are growing rapidly as a company, covering new geographies, and developing a wide network of partners across the globe. We believe that our inclusive technologies and vision will allow us to unlock new prospective markets for our digital ID and other offerings. The interest shown in us by this new group of investors is a testament to our market potential.”
The startup has received a further US$10 million from a new group of sophisticated investors in high technology companies from Singapore. “We see tremendous potential in TECH5 with its unique biometric technology portfolio, serving the needs of a fast-growing biometric market. We are delighted to announce our investment in support of TECH5’s plans to build cutting edge technology and market leadership.” – comments Tan Chin Tuan, who participated in the new financing round.
The new round of investment comes after the recent completion in late 2021 of its first investment rounds of US$10.5 Million from Singapore-based TOTM Technologies Limited (“Totm”). Since the Totm, TECH5 has expanded its offerings and signed several key strategic partnerships and projects.
(Press release/RAN)
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