GTRIIP, a dual Singapore and America-based startup that provides a biometrics-enabled solution for seamless registration processes across multiple industries and sectors, recently announced that it has successfully secured an undisclosed amount of funding in the seven figure American dollar range for its Series B funding round. The digital identity and verification solutions provider startup’s latest financing round saw the participation of several notable investors; Accord Ventures, a Tokyo-based venture capital firm that has made investments in Southeast Asian startups; Kepventure, a wholly-owned subsidiary of Singapore-headquartered Keppel Corporation, a conglomerate specializing in property, offshore and marine, infrastructure and asset management businesses; and Japan’s early stage venture capital firm Global Brain via its KDDI Open Innovation Fund 3 (KOIF3), which was established by Global Brain in collaboration with KDDI corporation, a Japanese telecommunications operator.
The freshly acquired funds from its Series B financing round will enable GTRIIP to grow its human resources by recruiting new talent such as engineers, specialists, developers and researchers, as well as for beefing up its sales force, as the startup seeks to develop and innovate new product offerings for other commercial properties. The fresh funds will also be used by the company to grow and expand in Asia Pacific (APAC) countries with a need for their biometrics-driven seamless automated registration solutions, such as the hospitality sector that serves the elderly which could benefit much from an automated registration experience. Besides the hospitality space, GTRIIP is also considering expanding into other commercial properties that are looking to reduce their high administrative overhead and streamline their registration procedures, and some of the products that the startup have in mind include visitor access and tenant access.
Maxim Thaw Tint, chief executive officer and founder of GTRIIP, said that the latest injection of fresh capital into the startup by their investors is in line with the startup’s vision of expanding further in the APAC region, and gives the digital identity and verification solutions provider the chance to display the value of a check-in system that can be utilized through the use of everyday devices such as a smartphone. Maxim also elaborated further on the benefits and advantages of their patented artificial intelligence-powered platform. For instance, their proprietary product does not necessitate external hardware to fully function, thus enabling properties to fully experience a biometrics-driven automated registration process without compromising security or having to spend on additional expenditure. Their products are also built to be more eco-friendly and sustainable, as their software is designed to run on just smartphone cameras, which is something that most people already have, thus eliminating the need for additional equipment such as cards, cameras, chips or physical kiosks.
Huang Siheng, chief technology officer and co-founder of GTRIIP, explained that the startup’s vision is to build and create a world whereby human identity is not tied down to physical documentation, thus being free to travel without the need for any access cards or photo identification. Even though payment systems are increasingly going digital, there is still a need for people to carry around physical identification such as driver’s licenses and keys. The digital identity startup hopes to one day make the identity registration and verification process at commercial properties a seamless, secure and document-less experience, and the latest investment raised from its Series B funding round will help GTRIIP get one step closer towards achieving that goal.