Yinda Infocomm Limited is pleased to announce that the Company, on May 14, has entered into an investment agreement with TECH5 to invest US $8.0 million by way of subscription of new shares in the capital of TECH5. The proposed investment remains subject to the satisfaction of various conditions, including obtaining the approval of the shareholders of the company at an extraordinary general meeting to be held (“EGM”).
Additionally, the company intends to exercise its rights to convert the US $2.5 million term loan amount extended to TECH5 on April 1, 2021, bringing its total investment to US $10.5 million to secure a minority equity interest in TECH5.
TECH5 is an international technology company that focuses on developing disruptive biometric and digital ID solutions through the application of Artificial Intelligence (AI) and Machine Learning technologies. Its continuous dedication and efforts in research and development (R&D) of AI in all biometric modalities have resulted in TECH5’s biometric algorithms ranking top tier in the National Institute of Standards and Technology for its face, fingerprint and iris recognition technologies. TECH5’s Automated Biometric Identification System (ABIS) database and biometric matching platforms also support some of the National ID programs in the world. TECH5 has also led the development of a mobile identity solution (Mobile ID) where TECH5’s unique portfolio of Intellectual Property, a secure and private digital ID can be issued and stored on the authorised holder’s phone, or kept in printed format, that can be verified against the holder in a completely offline manner.
Notably, TECH5 has made considerable progress and achieved significant milestones since the start of 2021 to date. These include the implementation of TECH5’s Mobile ID platform in the Philippines, successful roll-out of know-your-client processes in a purely Software-as-a-Service (SaaS) set up in India, and the application of TECH5’s real-time face recognition system from video feeds solution, T5-EagleEye, in malls and railways in India and Indonesia. TECH5 has also landed its maiden National ID project on the African continent in Guinea, where TECH5’s ABIS is deployed integrated with Modular Open Source Identity Platform (MOSIP), a foundational ID solution financed by the Bill & Melinda Gates Foundation, Sir Ratan Tata Trust and Omidyar Network. In addition, TECH5 has signed new digital onboarding contracts for its liveness detection solution in Brazil and Iraq as well as signing on more than 10 new commercial trade partners in Asia, Europe, Africa and the Americas.
On the R&D front, TECH5 has gained further fingerprint recognition technology results, where the matching hardware requirements will be five to six times smaller without compromising the accuracy. Furthermore, TECH5 has made improvements in cell phone-based finger capture technology, using the advances in AI, and is currently working with third-party reputed institutions to benchmark the efficacy while delivering it to some end-customers. This technology will allow end-customer usage without having to procure finger scanners and so disrupting the device market segment.
Pierre Prunier, Executive Director and CEO, Yinda Infocomm, said, “Our vision is to become a leading expert in Identity Management, especially in the space of Digital Onboarding and Digital ID. Our mission is to keep building and offering state-of-the-art platforms to our customers in the public and private sectors to leverage the global digital transformation movement. This will be achieved by building relevant technology stack in-house or via relevant acquisitions in the future. Thus, the further strengthening of our partnership with TECH5 is a right move as it gives us access to continued research and development in the latest identity management biometric technologies and allows us to expand our footprint globally.”
Machiel van der Harst, Co-Founder and CEO, TECH5, said, “We are delighted to announce the expansion of our partnership with Yinda. This investment will help us boost our global reach, increase TECH5 brand awareness, as well as further enforce our research and development to fuel our innovation and ensure that our partners and customers get access to true leading-edge identity management solutions.”