CMITech Company, Ltd., a Seoul, Korea-based developer of iris recognition biometrics products and solutions, completed a $2.1M Series B financing.
Backers included Magellan Technology Investment of Seoul, SBI Investment Korea, and Industrial Bank of Korea Capital. In conjunction with the funding, Daniel An of SBI Investment joined CMITech’s Board of Directors.
The company will use the funds to accelerate its R&D efforts and expand its global customer support presence.
Founded in 2009 by Dr. JJ Chae and also led by Phil Tusa, Chief Operating Officer, CMITech develops iris recognition systems for the global biometrics and secure identity assurance markets. Its systems are suitable for a wide range of applications, including large scale enrollment programs, immigration and border control, law enforcement, healthcare, financial services and access control and are in use in active usage in governmental, non-governmental organizations (NGO), and commercial entities around the world.
The company also maintains its principal sales and marketing office in San Jose, California, USA.