ASX-listed cybersecurity firm Tesserent has invested $600,000 into Sydney-based biometric security firm Daltrey with the signing of a Share Subscription Agreement.
The investment was done through Tesserent Innovation and a further $1.1 million has been committed on the basis of the company reaching key KPIs, which would give Tesserent a seven percent stake in the company.
It also has further options to invest an additional $10 million to fund global expansion, depending on the performance of the company and ‘future capital requirements’.
The move follows recent investment by the company into SecureLogic spinoffs TrustGrid and AttackBound.
Tesserent co-chief executive Julian Challingsworth said, “We’re very excited about the growth in the biometric security market. We note some US private equity organisations have been investing in the market with a recent investment of $543M into Transmit Security, supporting our belief that biometrics will play a key role in security organisations’ data and systems in the near term.”
A statement outlined that Daltrey will work with Tesserent’s Canberra based team to deliver sales into the Federal Government market, which is actively evaluating increased adoption of biometric solutions.
The initial investment is funded from cash reserves.
Tesserent Innovation was founded to invest in IP opportunities that have existing revenue, aligned solutions, potential for returns, and where Tesserent can take distribution rights.