It is a very exciting time for businesses in North Wales as many enterprises have big expansion plans thanks to investments worth millions of pounds.
One firm that has huge potential is fingerprint technology company Touch Biometrix. This company has been given £2 million from Deepbridge Capital through the Deepbridge Technology Growth Enterprise Investment Scheme (EIS).
It was originally given seed funding of £150,000 last year to help create a fingerprint sensor for consumer electronics. This could be used on smartphones and laptops, helping to make these products far more secure and put an end to passwords.
Speaking with the news provider, chief executive of Touch Biometrix Mike Cowin 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 also offering an experienced team to support and advise Touch Biometrix, so they can develop the technology, which is based on proprietary sensor designs and algorithms.
It is hoping to create a low-cost biometric authentication platform by producing a sensor price of less than $1 (77p) by the end of the year.
So far, it has already achieved a lot, as it has been named one of the best fingerprint tech companies in the world, with this list including the likes of Apple.
Deepbridge chose to offer the substantial Series A funding to the company to take advantage of the growing market for fingerprint sensors. Indeed, the news provider states the global market for biometrics is expected to reach $1 billion by 2025.
As well as the investment from Deepbridge, Touch Biometrix has benefitted from Welsh and European Union support under the SMARTCymru and ERDF funding initiatives.
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