Monday, October 20, 2008
Lumidigm Inks Deal With Methode Electronics
Albuquerque, New Mexico-based Lumidigm said last week that it has entered into a joint development agreement with Methode Electronics, to develop a new, automotive-grade biometric product. Lumidigm, which is venture backed, develops biometrics systems. According to the firms, Lumidigm and Method Electronics will co-develop the new product for the automotive industry, where Methode is--according to the firms--a Tier 1 automotive supplier. Financial details of the joint development agreement were not disclosed. Lumidigm is backed by DFJ New England, Epic Ventures, International Venture Fund, 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.