The Israel former prime minister, and minister of Defense, Ehud Barak, continues to influence on the local startups. Today, FST Biometrics, which is developing biometric identification technology, announced that it had raised $15 million from GMF Capital, the investment vehicle controlled and led by Gary Fegel. As part of this agreement, GMF Capital has appointed former Israeli Prime Minister Ehud Barak as its representative on the FST Biometrics Board.
So far, the company has raised a total of $23.5 million. Among its investors are Eitan Wertheimer and Israeli investment fund LV Holdings.
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“Based on my deep knowledge of Israel’s security ecosystem and the secure access solutions market, I am convinced that FST Biometrics has developed the market leading Secure Identification solution for today’s market and that of the foreseeable future, said former Prime Minister Barak. “I look forward to supporting the company’s efforts.”
“The last six months have proven that the market is not only ready for but is actively seeking out our solutions, ” said Major General (Res.) Aharon Zeevi Farkash, Founder and Chief Executive Officer of FST Biometrics and former Director of the Israel Defense Forces (IDF) Directorate of Military Intelligence. “GMF Capital’s investment is an important validation of our technology and vision while the expertise of Prime Minister Barak and Gary Fegel will be critical in supporting FST’s growth and market acceptance over the next few years.”
“GMF Capital is constantly assessing a broad range of global investment opportunities but only invests in a limited number of businesses of the highest quality. I strongly believe that FST Biometrics stands out as a best-in-class technology solution with a strong, motivated management team poised to disrupt the existing market and deliver attractive growth, “ said Gary Fegel. “I am pleased and enthusiastic to support FST Biometrics as they continue building the global benchmark in the new paradigm of In Motion Identification.”
FST Biometrics’ In Motion Identification (IMID) solution is a fusion of facial recognition and behavioral analytics providing seamless secure access solutions to the global marketplace. The technology enables authorized individuals to be identified at a distance and uniquely, while in-motion. There is no requirement that authorized users slow down or stop, as the company’s technology provides a seamless access control experience that is highly accurate, reliable and totally non-intrusive.
The FST solution has a wide range of global applications across the public and private sectors and is already successfully serving clients within the corporate, retail, financial services, telecommunications, residential and governmental sectors. Importantly, FST’s technology has a broad set of applications beyond the traditional access control market which are being actively developed by the company.
