US-based biometric identification software developer Element raised $12m on Wednesday in a series A round featuring telecommunications firm Telkom Indonesia and banking groups Bank Central Asia (BCA) and Bank Rakyat Indonesia (BRI).
Venture capital firm PTB Ventures and venture builder GDP Venture co-led the round, which also featured Maloekoe Ventures. BCA and Telkom took part through respective subsidiaries Central Capital Ventura and MDI Ventures while BRI used an undisclosed corporate venturing unit.
Element is developing biometric identification software for mobile phones that can verify a user’s identity by using the camera to recognise their face, palm or fingerprint.
Uses for the technology include extending access to financial services in developing markets in Asia and Africa where many potential customers lack official identification.
David Fields, managing partner of PTB Ventures, will join Element’s board of directors in connection with its investment. Element had previously raised $5.3m in seed funding according to DealStreetAsia.
The company’s earlier investors include Recruit Strategic Partners and Sinar Mas Digital Ventures, respective subsidiaries of human resources group Recruit Holdings and diversified conglomerate Sinar Mas, as well as BoxGroup and angel investors Pandu Sjahrir and Scott Belsky.