CMITech Company, Ltd. Closes Series B Round to Advance Technology Innovation of Iris Recognition Systems

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Fully subscribed round is valued at US$2.1 million.

CMITech Company, Ltd., a leading developer of iris recognition biometrics products and solutions, announced today that it has completed a $2.1M Series B financing round to accelerate its R&D efforts and expand its global customer support presence.

Participating venture investment firms were Magellan Technology Investment of Seoul, SBI Investment Korea, and Industrial Bank of Korea Capital. Daniel An of SBI Investment has been appointed to CMITech’s Board of Directors.

CMITech was founded in 2009 by one of the true pioneers in the iris recognition field, Dr. JJ Chae, the company’s CEO and CTO, to bring highly intuitive and cost effective iris recognition systems to the global secure digital identity market. The company’s current product lines are in active usage in governmental, non-governmental organizations (NGO), and commercial entities around the world.

“We are delighted to bring in this investor group to support our continued innovation in iris recognition systems,” said Phil Tusa, Chief Operating Officer of CMITech. “They share our vision to achieve technology and product design leadership in high performance, intuitive and cost effective iris imagers.”

As personal identities are increasingly challenged in our digital world, biometrics are becoming widely accepted as the most effective method of identity assurance in applications ranging from immigration control to physical access control to financial transaction authentication. Moreover, biometrics provide much more accurate verification of identity compared to paper and card credentials, which can be lost, stolen or given away.

“CMITech has proven that it can design and produce leading edge iris recognition cameras that are very easy to use for non-acclimated consumers in a wide array of identity assurance applications,” said Daniel An of SBI Holdings. “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.”

About CMITech Company, Ltd.

CMITech is a leading developer of high performance, cost effective iris recognition systems for the global biometrics and secure identity assurance markets. Founded in 2009 by Dr. JJ Chae, a true pioneer in the field of iris recognition biometrics, CMITech’s vision is to develop a range of iris recognition products that combine outstanding usability with exceptional quality and performance. CMITech’s compact, robust systems are suitable for the widest range of applications, including large scale enrollment programs, immigration and border control, law enforcement, healthcare, financial services and access control.

CMITech is headquartered in Seoul, Korea and maintains its principal sales and marketing office in San Jose, California, USA. See http://www.cmi-tech.com.

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Philip Tusa
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