November 29, 2016 -
Biometrica Systems announced that it has secured an initial round of growth capital from revenue-based financier, Lighter Capital.
Lighter Capital is an online revenue-based lender focused on providing technology companies up to $2 million in growth capital. They have provided more than $35,000,000 in growth capital to more than 100 companies in the six years since inception, with the average loan size being $250,000.
“We’re pretty excited about this round,” said Biometrica CEO Wyly Wade. “We are cash flow positive. We have grown more than 20% over the past year and are looking at a more than 25% growth rate over the next 12-18 months, which isn’t always the case in the tech industry for what are effectively early stage companies. We have more than 200 steady B2B customers, including several Fortune 500 companies. We weren’t looking for a large investment at the moment, but we needed some capital to provide impetus to our development strategy. The $300,000 first round of investment from Lighter Capital was a great place to start.”
“It made sense to provide capital to Biometrica,” said Lighter Capital’s Jon Prentice. “They’ve shown stability and a positive growth trajectory. We all know that the security industry, especially in the physical-meets-digital world, is poised for exponential growth. Biometrica already has an industry leading solution and is very well-positioned to expand beyond casino and gaming to other verticals.”
Just last week, Biometrica announced the release of a new version of SSIN, its fully encrypted Security & Surveillance Information Network. The new functionalities include a secure, convenient mobile application, which will give any subscriber with access to the mobile app the ability to run an immediate facial recognition scan on a suspicious known or unknown person, anywhere on their property, against a law enforcement-verified database of criminals and receive feedback on that person or persons in operational real time.