BIO-key Secures $8.4m Investment Deal

Fingerprint biometrics technology company BIO-key has raised $8.4 million through a major new investment deal, the company has announced.

The deal entails the issuance of Series A-1 Convertible Preferred Stock to a Hong Kong investor specializing in security technologies. As part of the deal, the investor will appoint one member to the company’s board of directors, though at this time no such appointment has been officially announced.

Commenting on the deal in a statement, BIO-key CEO Mike DePasquale called it “a transformative event” that will allow the company “to aggressively pursue sales and business development opportunities on a global basis,” while also helping BIO-key “to enhance our operations, management and finance teams and processes to support future growth.” DePasquale further elaborated that the company is working on software compatible with Apple’s Touch ID and Samsung Android mobile devices.

BIO-key’s management is also working on another investment deal that could see $11 million in financing come in through a similar share issuance arrangement, as well as the establishment of a software licensing agreement. The company says that this deal would be with affiliates of the Hong Kong investor, so it would seem to have good prospects at this time; it also bodes well that the company turned in a good fiscal performance in the last quarter and has high expectations for the year, which should offer further encouragement to potential investors.

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November 2, 2015 – by Alex Perala

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