TECH5 secures $8 million investment from Yinda Infocomm
By Megha Bhattacharya
TECH5 announced that it has secured $8.0 million of investment from Yinda Infocomm. Yinda Infocomm Limited intends to exercise its rights to convert into shares the US$2.5 million term loan amount extended to TECH5, bringing its total investment to US$10.5 million to secure minority equity in TECH5.
Mr. Machiel van der Harst, Co-Founder and CEO of TECH5, said, “We are delighted to announce the expansion of our partnership with Yinda. This investment and partnership will help us boost our global reach, increase TECH5 brand awareness, as well as further enforce our research and development to fuel our innovation and ensure that our partners and customers get access to true leading-edge identity management solutions.”
According to TECH5, it will use proceeds from the investment to expand its market presence in the Asia Pacific region as well as other strategic geographies such as Africa and Latin America. The focus will also be to further develop its flagship matching platforms and digital ID solutions, based on TECH5 biometric technologies for face, fingerprint and iris recognition.
“With a strong background and experience in developing Identity Management solutions for Foundational ID’s and derived Functional ID’s, TECH5’s strategic focus is on the realization of Mobile ID issuance platforms for secure and private digital credentials that can be bound to the holder through online and offline biometric verification. This disruptive offering has received significant market interest and is poised to become TECH5’s next flagship product” – commented Mr. van der Harst.
Mr. Pierre Prunier, Executive Director and Chief Executive Officer of Yinda Infocomm, said, “Our vision is to become a leading expert in Identity Management, especially in the space of Digital Onboarding and Digital ID. We will keep building and offering platforms to our customers in the public and private sector. This will be achieved by way of building the relevant technology stack in-house or via smaller acquisitions in the future. Thus, the further strengthening of our partnership with TECH5 is a right move as it gives us immediate access to continued research and development in the latest identity management biometric technologies and allows us to expand our footprint globally.”
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