BIO-key completes $3.7M private placement

November 11, 2013 - 

BIO-Key International has completed a private direct placement, raising $3.7 million in equity capital.

According to the company, the total capital raised in the offering includes approximately $3.1 million reported in the company’s Form 8-K filed with the SEC last month. Investors purchased units consisting of one share of common stock and one warrant at $0.15 per unit. Each warrant entitles the holder to purchase one additional share of common stock at $0.25 per share and expires in three years.

“This is a very exciting time for us. The Biometrics Industry and BIO-key have enjoyed a significant increase in awareness and visibility as a result of the Apple iPhone 5S release, as well as other fingerprint-enabled device releases,” Mike DePasquale, CEO of BIO-Key said. “As these devices are delivered and deployed, our solutions, including VST, WEB-key and FreeChoiceID, will provide for ubiquitous and interoperable finger biometric access for enterprise and consumer use, on the device, in the network or in the Cloud. Inquiries from potential customers and partners have increased and we are engaged in several new developments with industry stake-holders for both device level applications and Cloud applications. This is a critically important time in the industry and this capital raise will fund near term investments, primarily in sales & marketing, as well as incremental R&D.”

Reported previously, BIO-key recently launched a new system for fingerprint authentication, which the company says allows integrations to accommodate and expand on concepts embodied in mobile biometric platforms.

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Adam Vrankulj is an editor for BiometricUpdate.com. His background consists of online news writing, editing and content marketing. Adam has written for CBCNews.ca, BlogTO and was the editor and curator for the nextMEDIA and CIX Source publications. He has a degree in journalism and is passionate about science, technology and social innovation. Contact Adam, or follow him at @adamvrankulj