Precise announced today that the company has signed its first commercial licensing agreements with two Original Design Manufacturers (ODMs) to provide fingerprint technology, including Precise’s proprietary fingerprint algorithm, Precise BioMatch, to allow various applications, including automated adjustments of driver settings in vehicles. Under the terms of the licensing agreements, Precise will receive a total of approximately SEK 9 million as upfront payment and future royalties based on actual number of sensors being installed, together with a recurring fee for support and maintenance.
The licensing agreements is the next step on Precise’s journey to expand the Algo business area with new applications based on fingerprint recognition.
“Fingerprint recognition for enabling a convenient way to provide a tailor-made experience for the driver where You are the Key is a natural step in the development of next generation vehicles. We are thus very pleased to sign these agreements to drive convenience and security for the car industry. It is furthermore an important strategic move for us as it will enable a more strengthened and diversified revenue base within our business area Algo”, said Precise’s CEO Stefan K. Persson.
The fingerprint technology provides for a customized driving environment. By connecting information of driver preferences to be verified and enabled through the users fingerprints, the vehicle could for example automatically adjust various settings of the car, but also login to applications after verifying the identity of the driver.