The University of Wolverhampton and the Caparo Angad Paul Fund have invested £120k in a new spin-out company which is developing an innovative approach to the verification of identity through fingerprints.
AlgorID Ltd has been formed with the aim of commercialising a new mathematical approach which takes research results and intellectual property into new biometric applications for fast and secure confirmation of identity.
The methods are of particular interest to security services and police forces around the world because they have been shown to find correct personal identification matches from partial prints left at crime scenes that cannot currently be checked against databases.
The company, which is being headed up by University Research Associate, Dr Peter Kitching, is also being backed by the UK Government through Innovate UK which has agreed a Research and Development grant to support a programme of work to be carried out over the next 18 months.
Dr Kitching, Director of AlgorID, said: “I’m very excited about the prospects for our new spin-out company and commercialising my print-matching algorithms, which have been so well received by potential customers around the world.
“It’s difficult for people to appreciate the elegance in mathematics of this sort, and I particularly want to acknowledge the support of the Technology Transfer Team at the University of Wolverhampton for seeing the potential and guiding a one-time research student into the fantastic opportunity of leading this new business.
“We have been working to develop the business plan over the past year, and it is a ringing endorsement of the potential that the investors have progressed into backing this University spin-out in the current economic climate. When we emerge from the coronavirus crisis, we will need business opportunities like AlgorID to help restart the UK economy.”
This is the third University spin-out company invested in by the partners, and follows on from Disulfican, which is having great success with development of a new drug for mesothelioma and glioblastoma cancers, and Space Audit Systems, a specialist computer software company.
The Caparo Angad Paul Fund invests in new technologies born out of University research.