The Nevada based tech-engineering and development company has announced it has secured private equity funding that allows the company to proceed to the next stage of developing biometric fingerprint chip cards.
The funding means that production could begin within the next 60- 90 days, according to Chaya Hendrick, SmartMetric president and CEO. This timeline is subject to the finalisation of lead times for some critical components.
The card is set up to only start work after being activated by the correct fingerprint. This provides an extra layer of security to traditional chip and pin cards. The company had to engineer components and add biometric technology ensure they met the ISO requirement of 0.76 mm card thickness.
This announcement comes on the back of a legal victory against Visa Inc. and Mastercard International. The two payment processing companies were suing SmartMetric for $3m in a patent infringement claim.
“This is great news for SmartMetric, freeing us now to move forward with our advanced biometric payment and identity card technology without this massive potential cost to the company over our head,” said Chaya Hendrick, CEO and president of SmartMetric.
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