Digital Signal Corporation, which offers facial recognition and identity management solutions, today announced that it has secured $50 million in funding from Technology Control Corporation ("TCC"). TCC has the option to increase the investment up to a total of approximately $110 million over the next 12 months.
The new funding will be used to support the company's expansion including: sales and marketing, distribution, and manufacturing, and to establish DSC's international headquarters in Geneva, Switzerland. The new round brings DSC's total funding to nearly $100 million, with previous capital raised from Columbia Capital, Novak Biddle Venture Partners, Silverhaze Partners, Paladin Capital Group and City Light Capital.
"The security technology market in Saudi Arabia is poised for fast growth and is expected to be in excess of $400 billion over the next five years, according to data published by IFSEC & OSH Arabia 2012. Digital Signal has proven its human identification capabilities and identity management solutions in Saudi Arabia and the company is uniquely positioned to continue providing even broader solutions in this large, emerging market," said Bejad Alharbi, Founder and Chairman of the Board of TCC.
"TCC is delighted to make this investment and further our partnership with DSC, and we believe that DSC's technologies comprise a near term multi-billion dollar opportunity in the Middle East market and multiples of that worldwide. The company's model and mission are compelling both from a business perspective and from a security standpoint, as DSC has the means to protect the lives, freedoms and assets of the citizens of the world," said Bejad Alharbi.
"We are extremely excited about our company and our new strategic partnership with TCC. This new investment will allow us to continue to accelerate our global growth strategy. Our team is committed to making the world a safer place. The recent global events, particularly in my hometown, Boston, highlight the need for groundbreaking technology that accurately identifies those with malintent before they commit a treacherous act," said David Guttadauro, President and CEO of DSC.
"The era of facial recognition as an accurate, reliable, and scalable biometric solution has arrived," Guttadauro added.
