CIC closes $2.7M funding round
Communication Intelligence Corporation has announced that it has closed a new round of funding, raising a total of $2.7 million.
According to the company, capital came from a mix of new and existing investors and will be used to provide working capital to the company and to convert all outstanding indebtedness to equity.
Specifically, investors subscribed to approximately $2.7 million in the company’s Series D Preferred Stock, a blended conversion rate of approximately $0.0275 per share.
“With the recently announced release of our powerful and feature rich new product, CIC has resumed its earlier growth trend,” Philip Sassower, chairman and CEO for CIC said. “We remain highly confident in CIC’s ability to deliver revenue growth both from its direct sales efforts and from its established and growing number of integration partners. This new funding round is evidence that Phoenix and its investor group continue to support CIC in its efforts to become self-sustaining. This is an exciting time to be involved with CIC and in the e-signature space in general.”
Reported previously, last year, SharperLending LLC updated its settlement service platform and partnered with CIC to enable biometric signature capture for tax forms.
CIC offers electronic signature products, and in particular, has expertise in biometric signature verification – a behavioral measure.
According to a recent research report on the remote biometrics market, which includes behavioral measures for security, the overall market is forecasted to reach $3.2 billion by 2016, growing at a CAGR of 33%.