CMITech Series B Financing Round Brings in $2.1M

Iris biometrics solutions provider CMITech has raised $2.1 million in a Series B round of financing. The round saw contributions from Magellan Technology Investment of Seoul, Industrial Bank of Korea Capital, and SBI Investment Korea, whose Daniel An joined CMITech’s Board of Directors.

In a statement announcing the new financing, the company indicated that the funds would go to R&D and efforts at global expansion of its customer support. The Korea-based company saw a significant win in its growth aims last year when it sealed multiple reseller deals with companies in Turkey and the Middle East region.

Commenting on the latest round of funding in a statement, CMITech COO Phil Tusa said the company is “delighted to bring in this investor group”, adding that the investors “share our vision to achieve technology and product design leadership in high performance, intuitive and cost effective iris imagers.” SBI’s Daniel An, meanwhile, lauded CMITech’s iris recognition camera technology. “We are very excited about what we have seen in their next generation product platform and their strategic direction to target emerging, high growth market sectors such as financial services authentication and healthcare,” he said.

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March 9, 2016 – by Alex Perala

Partners

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