ImageWare raises $11.6M to address contactless biometrics demand, overhauls board
ImageWare has raised $11.56 million and restructured its Board of Directors, giving the company the capital to execute its business plan for remote and contactless biometric authentication and making President and CEO Kristin A. Taylor Chair of the Board. The moves come in preparation for a planned application to list on the Nasdaq.
The funding comes in the form of a private placement of Series D Convertible Preferred Stock, anchored by funds and accounts managed by Nantahala Capital Management, with participation from institutional investors and existing accredited investors. Certain outstanding Preferred Stock was also restructured. The company will file the details with the SEC in a Form 8-K submission.
Taylor will be joined on the Board by James M. Demitrieus and Benjamin Smeal. Additional members are expected to be appointed soon. Demitrieus serves as managing director of Jameson Associates, and is the former CEO of Eyelock. Smeal previously served as associate director for public equities at Willet Advisers, Michael R. Bloomberg’s family office.
“With the world quickly evolving to remote work and contactless interactions, the time for biometrics is now, states ImageWare Chair, CEO and President Kristin A. Taylor. “Whether its community banks onboarding new customers, enterprises hiring remote workers, or healthcare facilities checking in patients, only biometrics can provide complete identity assurance in a remote, contactless manner.”
Taylor says the company now has updated product offerings ready to address a large and growing market, an upgraded senior management team, and the capital to fund its business plan. ImageWare expects to file an application in December to list its common stock on the Nasdaq Capital Markets exchange, according to the announcement.
“ImageWare is at the nexus of this new world, providing an open platform that integrates multiple biometrics types across different vendors and hardware platforms – offering the most flexible and cost-efficient solution for organizations to manage biometric identity lifecycles at scale. With our new team and renewed strategy, ImageWare is positioned to execute and will drive these solutions across government, financial, transportation, education, and telecommunications sectors to deliver profit.”