Fingerprint software company Precise Biometrics has entered into a commercial software license and distribution agreement with InvenSense Inc. for licensing of Precise Biometrics’ algorithm solutions for fingerprint recognition, Precise BioMatch Mobile and Precise BioMatch Embedded.
The agreement includes a per unit license fee, an annual licensing fee for the right to use Precise Biometrics algorithm solutions, and an annual fee for support and maintenance. While the per unit license fee is volume dependent and cannot be forecasted by Precise Biometrics at this point, Precise Biometrics is currently projecting that some of the revenue generated under the agreement will be recognized starting from the fourth quarter of 2016.
Precise Biometrics develops and sells fingerprint software and mobile smart card readers that provide ideal user experience and security. Its solutions are used hundreds of millions of times every day by people all over the world, and are marketed together with business partners.
Headquartered in San Jose, California, InvenSense combine MEMS (micro electrical mechanical systems) sensors, such as accelerometers, gyroscopes, compasses, and microphones with proprietary algorithms and firmware that intelligently process, synthesize, and calibrate the output of sensors, maximizing performance and accuracy. InvenSense’s motion tracking, audio and location platforms, and services can be found in mobile, wearables, smart home, industrial, automotive, and IoT products.
Precise BioMatch Mobile is an algorithm solution for convenient and secure fingerprint recognition in smartphones and tablets. The patented hybrid algorithm solution is optimized for small fingerprint sensors and platforms with limited processing power and memory. Precise BioMatch Mobile offers fast, accurate, and secure verification of user’s identity, creating a convenient user experience when unlocking mobile devices or authenticating to services.
Precise BioMatch Embedded enables convenient and secure fingerprint authentication in products with small sensors and limited platforms, such as smart cards, wearables and the Internet of Things.
“We are pleased that InvenSense, Inc. has chosen our fingerprint software to provide the best user experience and security of their ultrasonic fingerprint solutions. The cooperation strengthens our position as the leader in fingerprint software” said Håkan Persson, CEO of Precise Biometrics.
“The strong market presence of Precise Biometrics’ fingerprint software makes them the perfect biometric authentication partner to bring our ultrasonic-based fingerprint solution to market. This cooperation coupled with our ability to sense fingerprints under glass, metal and plastic will enable us for both mobile and embedded markets” said Eitan Medina, VP of Marketing, InvenSense.