CHANTILLY, Va., May 22, 2013 /PRNewswire-USNewswire/ -- Digital Signal Corporation ("DSC"), a world leader in facial recognition and identity management solutions, today announced that it has secured $50 million in funding from Technology Control Corporation ("TCC"). TCC has the option to increase the investment up to a total of approximately $110 million over the next 12 months.
The new funding will be used to support the Company's expansion including: sales and marketing, distribution, and manufacturing, and to establish DSC's international headquarters in Geneva, Switzerland. The new round brings DSC's total funding to nearly $100 million, with previous capital raised from Columbia Capital, Novak Biddle Venture Partners, Silverhaze Partners, Paladin Capital Group and City Light Capital.
"The security technology market in Saudi Arabia is poised for fast growth and is expected to be in excess of $400 billion over the next five years, according to data published by IFSEC & OSH Arabia 2012. Digital Signal has proven its human identification capabilities and identity management solutions in Saudi Arabia and the company is uniquely positioned to continue providing even broader solutions in this large, emerging market," said Bejad Alharbi, Founder and Chairman of the Board of TCC.
"TCC is delighted to make this investment and further our partnership with DSC and we believe that DSC's technologies comprise a near term multi-billion dollar opportunity in the Middle East market and multiples of that worldwide. The company's model and mission are compelling both from a business perspective and from a security standpoint, as DSC has the means to protect the lives, freedoms and assets of the citizens of the world," said Bejad Alharbi.
"We are extremely excited about our company and our new strategic partnership with TCC. This new investment will allow us to continue to accelerate our global growth strategy. Our team is committed to making the world a safer place. The recent global events, particularly in my hometown, Boston, highlight the need for groundbreaking technology that accurately identifies those with malintent before they commit a treacherous act," said David Guttadauro, President and CEO of DSC.
"The era of facial recognition as an accurate, reliable, and scalable biometric solution has arrived," added David Guttadauro.
ABOUT DIGITAL SIGNAL CORPORATION
Digital Signal Corporation (DSC) was founded in 2001 and is headquartered in Chantilly, Virginia. DSC is a world leader in human identification and identity management solutions, including dynamic three-dimensional (3D) long-range facial recognition capabilities. DSC offers comprehensive biometric enterprise-scale solutions and customized applications for clients globally. For more information, please visit www.digitalsignalcorp.com.
ABOUT TECHNOLOGY CONTROL COMPANY
Founded in 2008 and headquartered in Riyadh, Saudi Arabia, Technology Control Company (TCC), is a customer-centric information communication technology (ICT) service provider of Communication Security, Knowledge Management, e-services and a complete professional consultancy & auditing service for information communication technology (ICT) projects. Its mission is to be the leading IT company in the Middle East by the year 2015, positively impacting its clients and their business by providing the highest levels of service and continuous improvements. For more information, please visit www.tcc-ict.com.
Please direct media inquiries to DSC Public Relations at: [email protected], 703-642-8901
SOURCE Digital Signal Corporation