A biometrics developer based in Newcastle, England, has received £200k in funding, according to a Bdaily article by Jamie Hardesty. The firm, IEvo, worked with NEL Fund Managers to secure the money from the Finance For Business North East Growth Fund.
According to the article, IEvo develops fingerprint biometric technology for partner companies, with integrations in a range of fields from schools to construction sites to health clubs. The company’s multispectral imaging technology apparently “can even scan through some types of latex gloves.” And yet surprisingly, IEvo currently employs only 12 staff members – though it has plans to grow. That’s where the funding comes in. Speaking in the article, IEvo co-manager Shaun Oakes says that “demand for the type of products we supply is growing at home and overseas across a range of industries, and having more working capital available means we’ll be able to go after even bigger and better contracts.”
There is indeed good reason to be optimistic if you’re in the biometrics market. There have been a string of market reports predicting strong global growth in the overall biometrics market for the next decade or so at least, while the fingerprint biometrics market specifically has exploded with the rapid adoption of the technology into a plethora of mobile devices. That growth will only be further propelled as a number of mPayment platforms enter the market, compelling even more devices to adopt biometric security measures. So there are plenty of opportunities for IEvo, if it spends its new funding the right way.
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April 8, 2015 – by Alex Perala
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