# CMITech Company

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cmitech-company

- Industry: IT Security/Cybersecurity
- Headquarters: Anyang, South Korea
- Website: www.cmi-tech.com
- Total disclosed funding: $2.1M
- Latest round: Series B (Mar 8, 2016)
- Investors on record: 3

## About

CMITech Company, Ltd. specializes in biometric recognition technology, providing advanced solutions for identity verification with products designed for high-security applications.CMITech Company, Ltd. was founded in 2009 in Anyang, South Korea. The company focuses on biometric recognition systems and has undergone strategies to enhance their product offerings. Their latest funding round was a Series B financing of USD 2.1 mn raised in March 2016 from investors including Industrial Bank of Korea, Magellan Technology Investment, and SBI Investment Korea.CMI Tech specializes in biometric recognition technology, primarily through its flagship product, the NovaFace-2N. This system integrates advanced iris and facial recognition capabilities, enabling fast, contactless enrollment and authentication for various applications, including governmental ID management and sophisticated access control. The NovaFace-2N offers a long standoff range of 40 to 70 cm, enhancing usability across diverse environments. Its dual-mode functionality allows for simultaneous capture of both iris and face images, optimizing accuracy and efficiency. CMITech serves a global clientele, including government agencies and organizations seeking secure access solutions, particularly in North America, Europe, and Asia.CMITech generates revenue primarily through direct sales of its biometric recognition systems and associated software solutions, targeting B2B clients such as government entities and corporate customers. Their business model revolves around one-time transactions for hardware along with potential recurring revenue from software licenses and maintenance agreements. Customized installations tailored to client needs facilitate secure access control and attendance tracking. The pricing strategy reflects the advanced technology and functionalities of their products, especially the NovaFace-2N, which is positioned as a premium offering.CMITech plans to leverage recent funding of USD 2.1 mn from their Series B financing to enhance their product line and expand into new markets. They are focused on developing new products, with specific plans to launch updated versions of the NovaFace series aimed at improving performance and range. Additionally, CMITech aims to enter emerging markets in Southeast Asia and South America by 2025, capitalizing on the growing demand for biometric security solutions globally.

## Funding rounds

- Series B, Mar 8, 2016, $2.1M — SBI Investment Korea, Industrial Bank of Korea, Magellan Technology Investment

## Investors

- SBI Investment Korea (https://capitalatlas.ai/funds/sbi-investment-korea) — Series B
- Industrial Bank of Korea — Series B
- Magellan Technology Investment (https://capitalatlas.ai/funds/magellan-technology-investment) — Series B