November 20, 2015 -
SureID, Inc. has closed on a capital raise with Goldman Sachs Specialty Lending Group. This $25 million credit facility allows SureID to accelerate its growth, including expanding its line of identity management solutions for consumers, government and commercial organizations.
The company integrates programs and services into solutions that combine registration, identity authentication, background screening, credentialing, identity proofing, and identity management.
“This funding will help us execute our expansion plan,” said Steve Larson, SureID chairman and CEO. “Given the growing importance of identity management and our tested and trusted solutions, the timing of this capital raise is excellent to help ensure we have the resources to meet the growing demand for our services.”
This financing marks the largest single round in the company’s history and comes at a time when the company says it is on pace for another year of record annual revenues and when enrollments in its flagship RAPIDGate Program is at an all-time high.
This news comes as SureID is transitioning from its previous brand, Eid Passport. The new name and look was debuted this past September in an effort to help move the company further into the commercial market. The company has built its business primarily through government contracts with the military and other agencies for its RAPIDGate product.