BioPassword secures $11 million strategic funding
BioPassword announced it has secured $11 million in Series C financing, which will be used towards continued product development, sales outreach, global expansion and operations. New investor RRE Ventures joins a strong list of existing investors including Citrix Systems, Inc., Ignition Partners and OVP Venture Partners, which have reinvested in the current round.
“2006 was a banner year for BioPassword in which we introduced two innovative products, signed more than 60 partners, signed nearly 500,000 customer licenses, became the leading biometric security technology for online applications, grew revenue bookings by 700 percent and received validation from the most prestigious media and analysts in the industry,” said BioPassword CEO Mark Upson. “This round of financing from outstanding strategic partners is a strong endorsement of our achievements thus far and will fuel our accelerated growth in 2007.”
“BioPassword has successfully transformed technical innovation into commercial multi-factor authentication and anti-fraud solutions that are simple to deploy, manage and use. We are pleased to play an integral role in the company’s success through the strategic partnership between Citrix and BioPassword,” said Michael Cristinziano, Citrix Corporate Vice President, Strategic Development.