Crunchfish signs license agreement with Precise Biometrics for XR Skeleton 3
Crunchfish Gesture Interaction and Precise Biometrics have entered into a long-term license agreement regarding XR Skeleton 3. The agreement will bring revenue to Crunchfish during eight years, based on Precise Biometrics’ sales of products that include XR Skeleton, starting 2025.
Crunchfish Gesture Interaction and Precise Biometrics have entered into a long-term license agreement regarding XR Skeleton 3. Precise Biometrics will include hand tracking from XR Skeleton in their next year release of a palm recognition product. The agreement includes an upfront fee at 200,000SEK to cover packaging, delivery and training efforts from Crunchfish to Precise Biometrics. Crunchfish will also receive a share of the revenue generated by Precise Biometrics from their palm recognition business until 2032.
The agreement gives Precise Biometrics access to the source code of XR Skeleton 3 and a large dataset of real and synthetic hands for training of the algorithms and neural networks. The IP rights remain with Crunchfish, so similar deals could potentially be entered with other companies in the future. After delivery and training, no other support activities will be provided by Crunchfish to Precise Biometrics.
“It feels good to sign a deal for our gesture technology as part of closing down the business unit. This creates a long-term revenue potential for our technology. The deal is also ideal from the perspective that Precise Biometrics has world leading competence within the field of image processing, so no support demands will be required from us, which is in line with the strategy to focus Crunchfish’s business around the Digital Cash offering. ", says Patrik Lindeberg, Crunchfish’s COO.
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
This information was provided by the above for publication on 8th November 2024 at 08:00 CET.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.
About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.
