Cryptometrics to expand
TUCKAHOE, N.Y.Ã¢â‚¬â€œBiometrics firm Cryptometrics intends to use the $17.5 million in new financing that it collected this month for acquisitions, expanding research and new personnel.
Ã¢â‚¬Å“I anticipate growth and acquisitions in the next two- to three quarters,Ã¢â‚¬Â said David Taffet, chief financial officer and chief operating officer of Cryptometrics.
The new financing, announced July 13, is the companyÃ¢â‚¬â„¢s third and was raised through a private placement handled by retail brokerage firm J.P. Turner & Company.
Taffet described the individual investors as sophisticated and with varied interestsÃ¢â‚¬â€some have a vested interest in company, while others Ã¢â‚¬Å“are simply excited about what our company is doing and the market weÃ¢â‚¬â„¢re in,Ã¢â‚¬Â he said.
The two previous rounds were for $1 million and $4 million. Asked about the reason for the uptick in the amount of financing sought, Taffett said, Ã¢â‚¬Å“itÃ¢â‚¬â„¢s both a hot market and we are doing solid things in a burgeoning space.Ã¢â‚¬Â
CryptometricsÃ¢â‚¬â„¢ products use facial recognition and fingerprints to identify people and provide security for issuing passports, border security, aviation security and other access control. The companyÃ¢â‚¬â„¢s customers include governments, shipping companies, hotels and the transportation industry.
Founded in 2000, Cryptometrics acquired BioDentity in March of 2004. The two are now one company operating under the Cryptometrics name. There are currently 50 employees who work in Ottawa and in the Tuckahoe, N.Y. headquarters. In addition, the company has sales offices in New York City, Washington, D.C., Atlanta and San Diego.