A fingerprint technology business has received £2m backing from an investment management company as it looks to start scaled production in 2020.
St Asaph-based Touch Biometrix, which is aiming to produce fingerprint sensors available for less than $1 (76p), has received the funding from Deepbridge Capital.
The Series A funding through the Deepbridge Technology Growth Enterprise Investment Scheme (EIS) follows initial seed funding of £150,000 last year.
Mike Cowin, chief executive 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.”
Ian Warwick, managing partner of Deepbridge Capital, said: “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.”
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