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Lumidigm Signs Strategic Agreement with Methode Electronics : Automotive Supplier Invests in Biometric Component Development
Date:8/6/2008

Lumidigm, Inc., the biometrics company enabling applications for the real world, has formalized a strategic business alliance with Methode Electronics, Inc. One of the many businesses that make up Methode includes being a solid Tier 1 automotive supplier focusing on technology-rich application-specific components and subsystem devices. Together, Methode and Lumidigm will bring patented biometric functionality to new markets, including transportation. The partnership includes equity financing and multiple joint development projects. Methode joins current Lumidigm strategic investors Intel Capital and Motorola Ventures.

ALBUQUERQUE, N.M. (Business Wire EON) August 6, 2008 -- "Lumidigm's technology and products have always attracted companies on the cutting edge of consumer product development," said Bob Harbour, Lumidigm President and CEO. "Methode understands the unique value of Lumidigm's biometric technology and how it can enhance the automotive customer's individual experience."

Lumidigm biometric sensors enable convenient, secure, and reliable identification and verification through the use of patented multispectral imaging technology. Already used worldwide in various identification management and security applications, Lumidigm sensors are now extending biometrics to consumer applications, such as convenience and security in the automobile.

It is this commercial potential that caught the attention of Donald W. Duda, President and Chief Executive Officer of Methode Electronics, Inc. "We believe Lumidigm's biometric sensors could be used to support potential vehicle features such as keyless entry, ignition authorization, authentication of in-vehicle transactions via telematics, as well as personalization of a vehicle's convenience characteristics," said Duda. "We've entered into this strategic business alliance with Lumidigm to pursue these and other potential biometric applications for the transportation industry," Duda concluded.

About Lumidigm

Lumidigm, Inc. deploys biometric systems that work quickly and effectively on all people in all environmental conditions. Headquartered in Albuquerque, New Mexico, Lumidigm sensors are distributed worldwide. Lumidigm's initial venture capital investors are DFJ New England, Epic Ventures, and International Venture Fund. Other investors include Draper Fisher Jurvetson, Intel Capital, Methode Electronics, Motorola Ventures, New Mexico Co-Investment Partners managed by Fort Washington Capital, Solstice Capital, and Sun Mountain Capital.

About Methode Electronics

Methode Electronics, Inc. (NYSE: MEI) is a global manufacturer of component and subsystem devices with manufacturing, design and testing facilities in the United States, Malta, Mexico, United Kingdom, Germany, Czech Republic, China and Singapore. Methode designs, manufactures and markets devices employing electrical, electronic, wireless, sensing and optical technologies to control and convey signals through sensors, user-interfaces, interconnections and controls. They manage their business on a segment basis, with those segments being Automotive, Interconnect, Power Products and Other. Their components are in the primary end markets of the automobile, computer, information processing and networking equipment, voice and data communication systems, consumer electronics, appliances, aerospace vehicles and industrial equipment industries. Further information can be found at Methode's website at www.methode.com.

Read the full story at http://www.prweb.com/releases/lumidigm/methode/prweb1185024.htm


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Source: PRWeb
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