NEXT Biometrics (Oslo Bors: NEXT) continues its expansion on the rapidly evolving biometrics market in India. Today, NEXT has further solidified its foothold by adding a new design-win and signing another multi-year, non-binding commercial agreement (MoU) with a prominent new Indian OEM customer.
The customer has exhibited its confidence in NEXT’s technology by developing a new product and initiating its engagement that includes a substantial order of FAP20 sensors. Notably, the customer has adopted an innovative strategy for addressing the L0 to L1 transition, by developing Bluetooth-enabled L1 devices, which are expected to enjoy a higher adoption rate in its target markets. By signing the MoU, the customer has indicated that it will place its first purchase order of NEXT’s flagship sensor FAP20 amounting to approximately NOK 7 million with deliveries targeted to start by the end of the second quarter of 2024.
As previously announced, the Indian government is upgrading India’s biometric and digital ID services program, Aadhaar, to the next-generation security standard. Thus, as per June 2024, all devices to be used within the ID program must now meet new, stricter security requirements and be certified according to Aadhaar’s L1 certification level.
Recognizing India’s growing demand for biometric solutions and the impending L0 phaseout deadline in June 2024, NEXT is proactively addressing the market needs. To cater to these emerging use cases and assist customers in transitioning from L0 to a more secure L1 ecosystem, the company is continuously strengthening its local partnerships.
“This partnership marks a significant milestone for NEXT’s expansion efforts. In line with our strategy, we continue to successfully accelerate our growth pace in India and strengthen our position as a go-to, trusted technology partner.” comments Ulf Ritsvall, CEO of NEXT.
Also emphasizing NEXT’s strong commitment to reaching its financial targets, Ulf Ritsvall adds:
“I believe this expansive partnership demonstrates our capacity to establish a consistent stream of revenue in the coming period, as our new customer progresses with the certification of its product. We look forward to supporting our new Indian OEM customer and enter this partnership.”
For more information, please contact:
Ulf Ritsvall, CEO, NEXT Biometrics
ulf.ritsvall@nextbiometrics.com
Eirik Underthun, CFO, NEXT Biometrics
eirik.underthun@nextbiometrics.com
About NEXT Biometrics
NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets. The company’s patented NEXT Active Thermal™ principle allows the development of large, high quality fingerprint sensors. NEXT Biometrics Group ASA is headquartered in Oslo, with sales, support and development operations in Seattle, Taipei, Bengaluru and Shanghai.