SEATTLE (Nov. 9) – BioPassword, Inc., the leading provider of software-only biometric security solutions, today announced that it has secured $8 million in a Series B financing from Ignition Partners and OVP Venture Partners. BioPassword also announced that Ignition partner John Connors, the former CFO of Microsoft®, Inc., and OVP partner Lucinda Stewart have joined the company's Board of Directors.
The $8 million in capital, composed of a $4 million investment from each venture partner, brings to $13.5 million the total capital raised by BioPassword in 2005. Management said the capital will be used to deliver new Internet security products, dramatically broadening the company’s solutions sets across a range of device platforms. The funds will also be used to expand BioPassword’s distribution network and build out its customer-support systems in advance of several large-scale implementations now under way.
BioPassword CEO Mark DiSalle said the Series B round underscores the financial community’s assessment that BioPassword is uniquely positioned to dominate the multifactor authentication market. “We’ve already developed the industry’s most innovative products and we’re now making the investments in product distribution and customer support needed to further our leadership position,” said DiSalle. “With the business acumen and executive talent of OVP and Ignition behind us, we’re poised to explode in 2006 – and it’s clear our partners agree.”
Ignition & Connors
The BioPassword investment is the first to be led by Ignition partner Connors since joining Seattle-based Ignition five months ago. "With the ongoing increase of electronic identity theft and the consequent tightening of federal regulations related to authentication methods, we believe the market is ready for an affordable security solution that works seamlessly across the e-commerce, online banking and enterprise environments," Connors said. "BioPassword's singular, software-only approach to user identification gives banks, merchants and companies the simple, economic strong authentication solution they need." Connors’ appointment to the board represents the second top-tier executive to join the BioPassword team from the Microsoft ranks. Greg Wood, former CSO of Microsoft, was appointed Chief Technology Officer and executive vice-president in May 2005.
OVP & Stewart
OVP’s Stewart stressed that BioPassword’s ability to offer multifactor authentication for internal networks, Internet-based e-commerce and the growing consumer market is unmatched. “The authentication market is heating up,” Stewart said. “OVP believes BioPassword is the most-promising player we’ve seen in the e-commerce and online banking security space.” Stewart stressed that BioPassword is one of the only companies set to distribute proven products designed to specifically address emerging Federal Financial Institutions Examination Council (FFIEC) standards regarding the risks and risk-management controls necessary to authenticate customers accessing Internet-based financial services. “BioPassword is both effective and cost-effective – which explains why they’re garnering so much attention from Fortune 100 companies and technology partners like Citrix®.”
About the Investors
For information on Ignition Partners, please visit www.ignitionpartners.com. For information on OVP Venture Partners, please visit www.ovp.com.
About BioPassword, Inc.
BioPassword, Inc. (www.biopassword.com), a privately held company located in Issaquah, WA, is the market’s leading provider of software-only authentication solutions for e-commerce, online banking, enterprises, and small and home offices. BioPassword®’s patented, software-only solution uses the behavioral biometric of keystroke dynamics to accurately identify users by the way they type. The company’s products include B-Identified™ Professional Edition 2.0 for small and home offices, B-Identified™ Home Edition 2.0 for home users, BioPassword® for Enterprise Networks 5.0, BioPassword® for Citrix® MetaFrame® Presentation Server, and BioPassword® SDK 2.0 for developers. BioPassword® is a registered trademark of BioPassword, Inc. All other trademarks and registered trademarks are the property of their respective owners.