CIC closes funding round
Communication Intelligence Corporation (CIC), a leading supplier of electronic signature solutions and biometric signature verification products, announced a new round of funding on Friday.
Following CIC’s 2012 annual meeting held earlier this week, CIC closed an additional $1.1M in cash and converted approximately $3.3M in unsecured promissory notes into shares of preferred stock.
As we’ve previously reported, CIC entered into an agreement with an un-named major U.S. financial services leader to integrate the electronic signature capabilities of CIC’s iSign Cloud service with its annuity sales technology platform.
“We believe our ability to attract funding at a higher valuation reflects CIC’s recent performance improvements, our investor group’s ongoing commitment to the company and our shareholders’ support of the strategies being implemented by our management team, Philip Sassower, CIC’s Chairman and CEO said, speaking of the company’s recent debt conversion and funding round.
Founded in 1981 in conjunction with Stanford Research Institute (SRI), CIC is located in Redwood Shores, California.