Biometrics supplier Global Rainmakers secures $40m
NEW YORK—Worldwide biometrics provider Global Rainmakers has secured $40 million in new funding and undergone a name change in preparation for the next phase of its growth, according to chief development officer Jeff Carter. The company has also changed it's name from Global Rainmakers to Hoyos, after it's CEO.
“This infusion is a strong signal in a really tough time to raise money that we have a really incredible story to tell,” Carter said. “We have a strong product that actually works, which is somewhat unique in biometrics. Our next step is bringing this to the consumer.”
The $40 million infusion of capital will be used to accelerate investment in research and development and further distance Hoyos from competitive offerings, according to Carter. The company is in the midst of extending their international reach to provide global sourcing, production and advanced product development. “We have a global footprint right now—we literally have hundreds of things that are in place. We have stuff going on in Mexico, with the government and with the Department of Homeland Security … We have things going on in China, the UK, Saudi Arabia,” Carter said. “The infusion certainly helps our production footprint and our sales and marketing footprint. We’ve always delivered a world-class, advanced product, but now we can deliver a world-class experience, as well.”
One of the advanced products Hoyos is close to delivering is a portable iris capture device that could be compatible with next generation smart phones, making high-tech, high-grade security and access control truly portable.
“We have devices that we’re working on now, which take the power of the larger devices and puts that power into a small, mobile device. Mobile phones today don’t have the optics required to do iris acquisition. What we have developed is a set of optics that can actually work in that small-form factor,” Carter said. “We believe it’s really going to revolutionize identity. You’re talking about being able to put the same sort of security that you have at a missile site for the Department of Defense into the palm of your hand.”
The $40 million cash infusion was announced Oct. 12 as a round of investment funding led by the company’s CEO Hector Hoyos, who is one of the primary shareholders, and a private equity partner, Stelac Capital Partners. Further details were not released.