Biometric technology company Zwipe announced that the company has completed a $4.3 million private placement of new shares to existing and new investors.
Biometric technology company Zwipe announced that the company has completed a $4.3 million private placement of new shares to existing and new investors.
“We are pleased that our value proposition — easy, secure and fast authentication — is acknowledged by both our investors and partners, as demonstrated by this capital raise as well as the progress we see in all our verticals, said Kim Humborstad, CEO of Zwipe, before adding:
“As a technology provider with a unique offering, we think we are perfectly positioned in the value chain to reap attractive margins and deliver scalability.”
Zwipe has developed the only commercially available fingerprint activated contactless payment card capable of operating without the need for a battery or fixed power supply.
“Our technology has been developed over the past 8 years, and is applicable to a wide range of verticals, including wearables, IoT, and smart cards,” emphasizes Humborstad.
So far, the company has commercialized two products, Access, and ID cards, which both have near-term revenue potential. In addition, Zwipe has developed a market-ready fingerprint activated payment card, which is widely expected to be the next generation mass market payment solution as confirmed by leading card manufacturers and payment schemes. The payment card is currently undergoing commercial pilots, making it the first such solution in the market.
Among the key milestones for Zwipe going forward, is the continued advancement of cooperation with global payment schemes, completion of pilots with multiple schemes and card manufacturing partners, commercial agreements for commercial deployment of payment cards and large volume contracts for access control.
This latest equity capital round follows Zwipe’s $4.5 million financing earlier this year and brings total raised in equity, debt, and grants since inception to $24 million. Zwipe’s is owned by both institutional and private investors, in addition to key employees and board members. After the transaction, subject to approval by an extraordinary general meeting held 7 December 2017, the CEO and founder, other key employees and board members will hold in total 26.6 percent of the outstanding shares.
Product Adopted:Biometrics