IDEX Biometrics

IDEX Biometrics (IDEX) offers fingerprint identification sensors and complementing software for dual interface and contactless smart cards, for payment cards (where fingerprint authentication replaces PINs) and electronic devices. Accordingly, the technology can be used for payments, identification, and access control. IDEX reportedly does not own nor operate industrial manufacturing facilities and instead outsources manufacturing to semiconductor fabrication companies. 

IDEX offers an off-chip design, which it claims provides a larger sensing area, better matching reliability, and lower costs. The company’s “TrustedBio” sensor (launched in February 2020), transforms the sensor application-specific integrated circuit (ASIC) into a biometric system on chip (SOC), to reduce manufacturing cost and complexity. It also includes Infineon’s SLC38 security controller, a proprietary card operating system, and anti-spoof detection, a prerequisite for global credit card network approval. Notably, IDEX’s sensors reportedly passed Mastercard’s Fingerprint Test Assessment Summary (FTAS) in April 2023 - a significant milestone in the certification process.

Key customers and partnerships

IDEX collaborates with semiconductor companies (including an unnamed European semiconductor company , TrustSEC , and  STMicroelectronics ), biometric smartcard technology companies ( Zwipe and Linxens ), and payment networks (such as China Union Pay and Mastercard )

It has also partnered with several  smartcard manufacturers to commercialize biometric payment cards. These partners include Idemia , Beautiful Card Corporation , SELP , DoelPay , an unnamed global tier-one smartcard manufacturer , an unnamed European card manufacturer , MKSmart , and an unnamed Asian smartcard manufacturer . 

IDEX also intends to focus more on biometric applications relating to Central Bank Digital Currency (CBDC) in the future and had multiple CBDC initiatives ongoing in China as of July 2021. One notable partnership was with Chinese card manufacturer Union Smart Card in September 2021 to develop a cold wallet visual payment card that would be launched to the public via six major Chinese banks. The company was also developing (as of August 2022) a Web3 biometric payment card , which also functions as a digital asset wallet and cold storage device. 

In October 2023 , IDEX Biometrics partnered with KONA I, a company specializing in smart card technology, to introduce biometric payment cards in both recycled PVC and metal formats for its global banking clients (expanded partnership in February 2024 to reach Japan).

In March 2024, the company partnered with Accomplish Financial, a payment solution provider, to launch a biometric payment program that is accessible for visually and memory-impaired persons. 

Funding and financials

IDEX’s sensors are commercially available, and the c ompany generated USD 4.1 million in revenue in 2022. The company reported an operating loss of USD 31.4 million in 2022, primarily due to high personnel costs (around 61% of operating expenses). 

In November 2023 , IDEX  entered a non-binding term sheet with a new institutional investor group to issue a senior convertible bond for up to NOK 100 million (~USD 8.9 million) and during the latter part of the same month IDEX Biometrics completed a private placement , securing NOK 35 million (~USD 3.2 million) for commercialization, product development, and market expansion. Prior to this, the company had raised funds through private placements in November 2022 ( USD 15 million ) and November 2021 ( USD 25 million ).