Recognizing TECH5’s leadership and growth potential in identity management and digital ID, the company received $2.5M of investment from Singapore-based Yinda Infocomm through a loan convertible into shares. In addition, Yinda entered into a preferential licensing agreement to integrate and distribute TECH5’s biometric technology solutions.
TECH5 is dedicated to the design, development, and distribution of biometrics-driven Identity Management solutions. The
international technology company is headquartered in Geneva, Switzerland, with branches in the US, Europe and Asia, “For TECH5 this is the first external investment. The company has so far been fully self-financing from proceeds from projects worldwide” – says TECH5 Co-founder and CEO Machiel van der Harst. TECH5 confirmed its receipt of the Loan Amount on 1 April 2021 and in accordance with the terms and conditions of the TECH5 Preferential Licensing Agreement, the commencement date of the Licensing Agreement is 1 April 2021.
The partnership with TECH5 enables Yinda to distribute and utilize TECH5’s biometric technology solutions in China and Japan. While the companies plan to focus efforts on distribution of the TECH5 technology platforms in Asia, key attention will be paid to the company’s latest innovations in Digital ID.
“While we concentrate on keeping our biometric algorithms and platform in the top tier, we are using our heritage in biometrics, applying experience and technology to a new, disruptive kind of mobile ID which, unique in the market, allows you to verify someone’s identity biometrically in a totally offline manner, with or without a smartphone” – says Rahul Parthe, Co-Founder and CTO of TECH5. “This investment will allow us to extend our research to share the latest and greatest AI-based products with our customers” – comments Mr Parthe.
Yinda Infocomm Limited is a regional integrated and innovative communications solutions and services provider with operations in Singapore and Thailand. The partnership will provide a gateway and expansion into Asian markets. InterBio, the Indonesia-based identity management biometric software solutions company, will take the role of system integrator for the partner projects between Yinda and TECH5. InterBio has a proven track record at executing and managing large-scale biometric solutions projects in Indonesia, and is an ideal partner for expanding the partnership and customer-based projects in Asia.
(Press release / SK)
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