Biometric identity platform CLEAR secures new funding to accelerate growth
CLEAR announced today a new round of financing from funds and accounts advised by global investment management firm T. Rowe Price Associates and Revolution Growth. This new investment will accelerate the continued expansion of CLEAR’s platform and its airport and stadium network into new verticals.
“CLEAR has created a powerful biometric identity platform that meets consumers’ increasing expectation for security and convenience,” said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund. “We believe CLEAR could be much a larger company. It is building a world-class company and brand and we are excited about their continued expansion in new airports, sports venues, and other verticals.”
“The market for biometric technologies is expected to grow rapidly over the next few years and CLEAR is uniquely positioned to be the leader in using this technology to help consumers to access experiences beyond the airport more quickly and safely,” added Ted Leonsis, Revolution Growth co-founder and partner. “We believe in CLEAR’s vision and its ability to use its technology for several other use cases that require identity verification to grant access.”
In October CLEAR launched its first-ever nationwide brand campaign to increase awareness of the company’s biometric identity membership platform. The campaign, “You Get You Places” was based upon the simple premise that you are you, and your eyes and fingertips are the most accurate forms of ID.
The company saw significant growth in the last year including a number of airport launches, a deal with car rental giant Hertz, sports partnerships, the nation’s first biometric concessions solution and a partnership with Major League Baseball that will enable biometric ticketing for the 2019 season. CLEAR also opened its first corporate development office outside of New York in Austin, Texas.
CLEAR’s biometric identity platform is certified as Qualified Anti-Terrorism Technology by the Department of Homeland Security and complies with NIST standards. The company has also been awarded numerous patents by the United States Patent and Trademark Office, including for biometric systems and methods used to determine a person’s identity and access.