Digital Signal Corporation(DSC), a provider of 3D facial recognition technology and identity management solutions, announced that it has secured US$50 million in funding from Technology Control Corporation(TCC). TCC has the option to increase the investment up to a total of approximately $110 million over the next 12 months.
Digital Signal Corporation(DSC), a provider of 3D facial recognition technology and identity management solutions, announced that it has secured US$50 million in funding from Technology Control Corporation(TCC). TCC has the option to increase the investment up to a total of approximately $110 million over the next 12 months.
The new funding will be used to support the DSC's expansion including: sales and marketing, distribution, and manufacturing, and to establish DSC's international headquarters in Geneva, Switzerland. The new round brings DSC's total funding to nearly $100 million, with previous capital raised from Columbia Capital, Novak Biddle Venture Partners, Silverhaze Partners, Paladin Capital Group and City Light Capital.
"The security technology market in Saudi Arabia is poised for fast growth and is expected to be in excess of $400 billion over the next five years, according to data published by IFSEC and OSH Arabia 2012. Digital Signal has proven its human identification capabilities and identity management solutions in Saudi Arabia and the company is uniquely positioned to continue providing even broader solutions in this large, emerging market," said Bejad Alharbi, Founder and Chairman of the Board of TCC.
"TCC is delighted to make this investment and further our partnership with DSC and we believe that DSC's technologies comprise a near term multi-billion dollar opportunity in the Middle East market and multiples of that worldwide, said Alharbi. “The company's model and mission are compelling both from a business perspective and from a security standpoint."
"We are extremely excited about our company and our new strategic partnership with TCC,” said David Guttadauro, President and CEO of DSC. “This new investment will allow us to continue to accelerate our global growth strategy…The recent global events, particularly in my hometown, Boston, highlight the need for groundbreaking technology that accurately identifies those with malintent before they commit a treacherous act."
"The era of facial recognition as an accurate, reliable, and scalable biometric solution has arrived," added Guttadauro .