Imageware raises $2.5M to continue strategic review
Imageware has secured $2.5 million in bridge financing to carve out its strategy to position the company for growth with its biometric software for law enforcement, governments and enterprises.
The bridge facility agreement is with the company’s largest shareholder, though further details were not disclosed.
“This agreement is a positive step forward for our business as it provides additional funding in the short-term to ensure that we can reach the best long-term solution for our business,” comments Imageware Chair and CEO Kristin Taylor. “I am confident the steps we are taking now will position us well for years to come.”
Imageware has been evaluating its strategic options as it transitions. Taylor told Biometric Update while revealing a $1.5 million subscription deal with law enforcement in Washington’s King County, however, that a sharpening product focus, a new Law Enforcement 2.0 biometrics platform with modules released and more in the pipeline, and active discussions with law enforcement organizations across the U.S. and internationally, the company is poised to improve its cashflow.