Biometric firm gets fingers on funding
CHARLOTTESVILLE, Va.-- Privaris, a wireless biometric technology firm, secured its first round of $15.7 million in venture financing. The funding will be used to introduce the company's second-generation wireless keychain device, that uses fingerprint-based biometrics, as well as expand sales and marketing activities throughout North America.
The funding round was led by Harbert Venture Partners with participation from Noro-Moseley Partners, River Cities Capital Funds, SpaceVest Capital and the company's existing investors.
Dr. Barry Johnson, president and chief executive officer at the company, noted the funding is a milestone for the company and will enable growth.
The company's other applications include access control, identity documents and financial transactions for the commercial and government sectors.
The company's wireless device stores data only on the keychain, not in a database, to decrease ID theft and address privacy issues.
"It is also an endorsement of our approach to performing biometric authentication while protecting personal privacy," Barry said in a statement.