Lumidigm Signs Strategic Agreement with Methode Electronics
Automotive Supplier Invests in Biometric Component Development
ALBUQUERQUE, N.M. (Business Wire EON/PRWEB ) August 6, 2008 --
Lumidigm, Inc., the biometrics company enabling applications for the
real world, has formalized a strategic business alliance with Methode
Electronics, Inc. One of the many businesses that make up Methode
includes being a solid Tier 1 automotive supplier focusing on
technology-rich application-specific components and subsystem devices.
Together, Methode and Lumidigm
will bring patented biometric functionality to new markets, including
transportation. The partnership includes equity financing and multiple
joint development projects. Methode joins current Lumidigm strategic
investors Intel Capital and Motorola Ventures.
“Lumidigm’s
technology and products have always attracted companies on the cutting
edge of consumer product development,” said
Bob Harbour, Lumidigm President and CEO. “Methode
understands the unique value of Lumidigm’s
biometric technology and how it can enhance the automotive customer’s
individual experience.”
Lumidigm biometric sensors enable convenient, secure, and reliable
identification and verification through the use of patented
multispectral imaging technology. Already used worldwide in various
identification management and security applications, Lumidigm sensors
are now extending biometrics to consumer applications, such as
convenience and security in the automobile.
It is this commercial potential that caught the attention of Donald W.
Duda, President and Chief Executive Officer of Methode Electronics, Inc. “We
believe Lumidigm’s biometric sensors could be
used to support potential vehicle features such as keyless entry,
ignition authorization, authentication of in-vehicle transactions via
telematics, as well as personalization of a vehicle’s
convenience characteristics,” said Duda. “We’ve
entered into this strategic business alliance with Lumidigm to pursue
these and other potential biometric applications for the transportation
industry,” Duda concluded.
About Lumidigm
Lumidigm, Inc. deploys biometric systems that work quickly and
effectively on all people in all environmental conditions. Headquartered
in Albuquerque, New Mexico, Lumidigm sensors are distributed worldwide.
Lumidigm’s initial venture capital investors
are DFJ New England, Epic Ventures, and International Venture Fund.
Other investors include Draper Fisher Jurvetson, Intel Capital, Methode
Electronics, Motorola Ventures, New Mexico Co-Investment Partners
managed by Fort Washington Capital, Solstice Capital, and Sun Mountain
Capital.
About Methode Electronics
Methode Electronics, Inc. (NYSE: MEI) is a global manufacturer of
component and subsystem devices with manufacturing, design and testing
facilities in the United States, Malta, Mexico, United Kingdom, Germany,
Czech Republic, China and Singapore. Methode designs, manufactures and
markets devices employing electrical, electronic, wireless, sensing and
optical technologies to control and convey signals through sensors,
user-interfaces, interconnections and controls. They manage their
business on a segment basis, with those segments being Automotive,
Interconnect, Power Products and Other. Their components are in the
primary end markets of the automobile, computer, information processing
and networking equipment, voice and data communication systems, consumer
electronics, appliances, aerospace vehicles and industrial equipment
industries. Further information can be found at Methode's website at www.methode.com.
See the original story at: http://eon.businesswire.com/releases/lumidigm/methode/prweb1185024.htm
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