ImageWare closes $2.2M equity round to support biometric authentication growth plan
ImageWare has announced the closure of a $2,187,000 senior secured bridge loan as it pursues biometric authentication software contracts in the domestic and international law enforcement markets.
The move represents an advance after various investors committed via a private placement to purchase $10,935,000 in Series D Convertible Preferred Stock.
After closing the private placement of Series D Preferred, all interest under the terms of the bridge loan (12 percent per annum) will be converted into shares of Series D Preferred.
To ensure the plan’s viability, the bridge loan has been secured by all assets of the Company defined as present after-acquired.
ImageWare has confirmed that all proceeds from the bridge loan will be used to develop the company’s solutions further.
“We continue our focus of evolving ImageWare into a “biometrics first” identity company,” said Kristin A. Taylor, President and CEO.
“Our biometric solutions enable Governments, Public Services, and Enterprises to transform how they use identity to build trust with their employees, partners, and customers, sell their products, and deliver their services.”
Taylor says the company is targeting more public sector biometrics projects, as well as improving its enterprise offering.
ImageWare said it expects to close the private placement of Series D by the end of October.
The biometrics company has estimated a minimum of $10 million and a maximum of $15 million in incoming investments, subject to the satisfaction of certain conditions.