IDEX Biometrics Raises $2.9M with Private Placement

IDEX Biometrics ASA has announced a fully underwritten private placement to raise NOK 30 million (approximately USD 2.9 million) in gross proceeds. Arctic Securities AS is acting as the sole manager for the offering. The subscription window opened and closed on July 21, running from 09:00 to 16:30 CEST.

Insider backing and share structure

The placement consists of 9,090,909 new shares priced at NOK 3.30 per share. It includes participation from key stakeholders such as Altea AS, Pinchcliffe AS (a company affiliated with CEO and CFO Anders Storbråten), Anders Storbråten personally, Charles Street International Ltd. (associated with investor Robert Keith), and K-Konsult AS (linked to board chair Morten Opstad). The high level of insider involvement underscores internal confidence in IDEX’s strategic direction.

The placement is not being made available to investors in Australia, Canada, Hong Kong, Japan, or the United States, in accordance with applicable securities regulations.

Strategic context and ongoing initiatives

The capital raise comes amid IDEX’s push into biometric payment cards. Earlier this month, the company partnered with Mastercard and Eastern Bank Limited (EBL) in Bangladesh to launch what is being promoted as the world’s first commercial biometric metal credit card. IDEX’s TrustedBio sensor platform is seeing increased pilot adoption across multiple regions, including Japan, South Korea, and the UAE, though commercial volumes remain modest.

IDEX has also made inroads in digital currency use cases, supplying fingerprint sensors for hardware wallets used in Chinese digital RMB trials led by the Postal Savings Bank of China.

The funds raised will help extend IDEX’s operational runway following a challenging fiscal year. In 2024, the company reported USD 0.8 million in revenue and a net loss of USD 14.4 million, with only USD 2 million in cash at year-end. The company’s auditors have included a going-concern warning, and in July IDEX executed a 100-to-1 reverse stock split to meet Oslo Børs listing requirements.

While the NOK 30 million injection strengthens short-term liquidity, further capital may be needed to support sustained growth as the company continues to expand its biometric payment and access control offerings.

–

By Ji-seo Kim