Precise Biometrics Expands Portfolio with Crunchfish’s Gesture Recognition Technology

Precise Biometrics has entered into an agreement with Crunchfish to develop hand gesture software technology. The collaboration aims to enhance Precise Biometrics’ existing authentication solutions with contactless interaction capabilities.

Hand gesture recognition technology uses computer vision and machine learning algorithms to interpret human hand movements and translate them into commands. This technology has gained prominence in recent years for its applications in contactless interfaces, particularly relevant in post-pandemic contexts where touch-free interactions are increasingly preferred.

According to the agreement terms, Precise Biometrics will pay SEK 0.2 million (approximately $22,000 USD) as a one-time fee covering initial integration, support, and technology handover services. This development follows Precise Biometrics’ broader strategy to expand its biometric authentication portfolio, coming after the company’s recent leadership change with the appointment of Joakim Nydemark as CEO in August 2023.

The collaboration marks a significant step for both companies in the biometric technology sector. Crunchfish, known for its gesture interaction technology, has previously focused on augmented reality and mobile applications. The partnership indicates a potential expansion into security and authentication markets.

On the same day as the agreement announcement, a major shareholder of Crunchfish demonstrated confidence in the company’s direction by subscribing to its pro rata share in a rights issue. This investment suggests continued support for Crunchfish’s strategic partnerships and technology development initiatives.

The terms of the agreement reflect a focused, initial phase of collaboration, with the potential for expanded partnership based on successful integration and market response. Both companies maintain their independent operations while leveraging their respective technological strengths in this targeted development project.

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November 8, 2024 – by Ali Nassar-Smith

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