CardLab says CES appearances with the EIC helped win partners, orders and new investment

Brussels, December 1st 2023

Summary

›CardLab attributes new commercial deals, recruitment interest and fresh investment to participation at CES 2022 and 2023 under the EIC Overseas Trade Fairs programme.
›Concrete outcomes include production pilots with PASP365, two projects with Linxens, a negotiated €550,000 card order for Q2 2024 and a $75,000 project initiation agreement with a US customer.
›Component shortages and internal capacity limits have delayed launches and constrained how fast CardLab can convert leads into revenue.
›CardLab plans new hires, factory investment and an acquisition of partner QuardLock to offer a full biometric Authentication as a Service stack.
›The company highlights the practical value of exhibiting from the European Pavilion and offers tactical advice for future trade fair participants.

CardLab says CES appearances with the EIC helped win partners, orders and new investment

CardLab Innovation reports measurable business impact after attending CES in Las Vegas in 2022 and 2023 as part of the European Innovation Council s Overseas Trade Fairs programme. The company s CEO, Frank Sandelov, links EIC-backed participation to new partnerships, commercial pilots, orders in negotiation, a signed memorandum of understanding with a US customer, recruitment traction and fresh investment that will support product scale up.

Commercial outcomes from CES participation

CardLab describes a sequence of follow up meetings from contacts made at CES that have progressed into production pilots and procurement talks. The most advanced items are a partnership that moved from testing to production pilots and several commercial projects initiated or negotiated after meetings at the show.

PASP365 partnership:Contacts first made at CES 2022 and developed through CES 2023 have cemented a partnership with Police and Sheriff s Press, PASP365. CardLab says cards are now in production and commercial pilots can be deployed after joint testing of access infrastructure. Progress was slower than expected because of component shortages.

Collaboration with Linxens:Discussions with Linxens moved forward after meetings at CES. CardLab positions itself as Linxens s development house for electronic cards and low volume production. Linxens is expected to support CardLab on high volume manufacturing. CardLab reports two distinct projects with Linxens underway and recent orders tied to that relationship.

Notable sales pipeline items:CardLab is negotiating a €550,000 card order for delivery in Q2 2024 with further follow-up deliveries expected. Meetings and follow up in San Francisco with another customer led to a memorandum of understanding and an initial $75,000 agreement for project initiation. CardLab estimates the accompanying development work at about $385,000 plus subsequent production once prototypes are validated.

Deal or milestone	Stated value	Status and timing
Card order with Linxens-related project	€550,000	Negotiation in progress. Planned delivery Q2 2024 with further deliveries later
US customer project initiation	$75,000 initial agreement	MOU signed. Kick off Q1 2024. Development estimated at $385,000 plus production
Production pilots with PASP365	Not specified	Cards in production after testing. Delays due to component shortages

Short term revenue impact:CardLab reports it will not reach $1 million in revenue for the 12 month period but expects approximately $700,000. Management expects a significant increase in 2024 if component availability improves and the company can hire additional engineering staff.

Hiring, investment and strategic acquisition

With the signed agreements in hand, CardLab has opened a hiring round and attracted new investment. The planned hires include a Senior Project Manager and at least one software engineer in Denmark and a test and quality engineer plus a supply chain manager at the factory in Thailand. The new investment will support scaling the company s standard product and enable CardLab to acquire a controlling share in partner QuardLock to secure a full biometric Authentication as a Service offering.

Authentication as a Service explained:CardLab s roadmap is to bundle biometric hardware, secure card production, software and managed services into an end to end product sold as Authentication as a Service. The model aims to replace passwords by delivering biometric authentication that is managed, provisioned and supported by the vendor. For buyers this can reduce integration overhead but it also concentrates identity and access risk in a single supplier.

How the EIC Overseas Trade Fairs programme helped

CardLab credits the Overseas Trade Fairs 2.0 programme with raising the company s visibility. Being on the European Pavilion gave the company third party validation and easier access to potential customers that would otherwise be difficult to reach. The EIC support also helped with recruitment by making the company more discoverable on social media and by association attracting candidates.

European Pavilion effect:Exhibiting under the EU banner can signal a level of vetting and credibility. For many small vendors this acts as a trust shortcut when initiating conversations with corporate buyers or public sector procurers.

Practical advice for trade fair exhibitors

CardLab s CEO shared tactical tips based on their CES experience. The guidance focuses on clarity of purpose, the right team, demonstrable product features and practical logistics.

Define the purpose:Be clear about whether you are at the show to raise investment, to test pilot customers or to sell finished products. Your objectives should shape the narrative you present on the booth.

Demonstrations and material:Have something to show that actively engages passersby. A catchy punchline helps attract attention. Bring physical materials as exhibition internet can be unreliable during busy periods.

Team and timing:Staff the booth adequately and prepare in advance. Check the visitor list and distribute personalised invitations one to two weeks before the show. Stay close to the OTF team onsite to benefit from shared networking opportunities.

Ambitions and next steps for CardLab

CardLab plans to scale operations, expand production capacity and formalise sales channels. Specific steps include new hires, additional production equipment at its Thailand factory and a possible factory relocation to achieve security certifications and higher capacity. The company is also building a business development function with an eye on a public listing within three to five years.

Context and caveats

CardLab reports clear traction but several risks and dependencies remain. The company s progress is constrained by global component shortages, internal hiring capacity and the operational challenges of scaling secure manufacturing. Negotiations such as the €550,000 order are still subject to final contracts. Revenue estimates and growth projections will depend on component supply, successful hiring and meeting integration and certification requirements for customers in regulated markets.

Supply chain and scaling risk:CardLab s timeline slipped because components were unavailable. This mirrors an industry wide problem since 2020 where semiconductor and component bottlenecks have disrupted hardware makers. For card manufacturers there is also the additional complication of secure personalization, backend integrations and logistics for global customers.

About CardLab Innovation

Founded in Copenhagen in 2012 as a development house for electronic smart cards, CardLab now positions itself as a provider of a full biometric Authentication as a Service solution. Design work takes place in Denmark. Card production and in house manufacturing is located in Thailand with contract manufacturing partners in the EU, the United States and Asia.

Biometric smartcards:Biometric smartcards combine a secure element on a physical card with a biometric sensor such as a fingerprint reader. They are designed so that biometric templates are stored and processed locally on the card and not transmitted to external servers. This architecture can enhance privacy but requires careful attention to hardware security, tamper resistance and certification for use in regulated environments.

About CES and the EIC trade fair programme

CES is a global consumer electronics and technology tradeshow held annually in Las Vegas. It is a major showcase for hardware makers, system developers and service providers seeking visibility with buyers, integrators and investors.

EIC International Trade Fairs Programme 3.0:Previously known as Overseas Trade Fairs 2.0 the EIC s trade fairs programme supports EIC funded SMEs, startups and scaleups in attending leading trade fairs in the EU, MENA and the United States. The programme runs across multiple sectors and provides end to end support including coaching, pre departure market briefings, matchmaking and onsite services to help beneficiaries exploit commercial opportunities abroad.

Lisbon’s C2C‑NewCap wins OceanExchange Transportation Hub Award and moves toward EIC Fund equity after EIC Accelerator 'equity only' approval

2022-11-22Read Now

CardLab says CES appearances with the EIC helped win partners, orders and new investment

CardLab says CES appearances with the EIC helped win partners, orders and new investment

Commercial outcomes from CES participation

Hiring, investment and strategic acquisition

How the EIC Overseas Trade Fairs programme helped

Practical advice for trade fair exhibitors

Ambitions and next steps for CardLab

Context and caveats

About CardLab Innovation

About CES and the EIC trade fair programme

Read More

Lisbon’s C2C‑NewCap wins OceanExchange Transportation Hub Award and moves toward EIC Fund equity after EIC Accelerator 'equity only' approval

EIC ePitching: eight agrifood innovators, a winning soil‑carbon play and growing investor interest

Revised EIC Fund investment guidelines published as management moves to transitional AIFM

Eight EIC-backed startups to pitch AI and deep tech at the EU-Startups Summit