Ultra-Scan readies fingerprint ID roll out

Funds will be used to market its biometric technology
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Friday, August 1, 2003

AMHERST, N.Y. - Ultra-Scan Corp. is among the latest in a string of companies to secure a multi-million round of financing, money that will enable it to build its presence in the market.

The $18 million investment was led by a single individual, Tom Golisano of Rochester, N.Y. Golisano was one of a handful of investors in the company during the recent fundraising. He is now a member of the company’s board of directors.

The funds come a year after Ultra-Scan raised $4.4 million, but this round of funding comes at a pivotal point for the company, said Terry Dunlap, chief executive officer and chairman of Ultra-Scan. “This one represents a significant round for us in that our technology is in the market and ready to roll out,” he said. “This will fund our marketing efforts.”

The company’s product is an ultrasonic fingerprint biometric technology. Unlike other fingerprint tech-nology on the market that uses light to capture a picture of a print and compares it to a database, Ultra-Scan’s technology uses ultrasonic technology, or soundwaves, for automatic fingerprint identification. Ultra-Scan touts its product as more accurate than others since a pen mark on a finger won’t interfere with the readability of a fingerprint.

Over the next several months, Ultra-Scan plans to embark on licensing integrators to use its product and partnering with others, such as investor SAIC Venture Capital Corp., who plans to implement the system. It also intends to target three markets: homeland security, healthcare and the finance market, said Dunlap.

In the 12 years since its inception, Ultra-Scan has chalked up more than 150 investors in the company. Dunlap has also invested in the company and joined the venture in 2002.