RESTON, Va. - SpaceVest Capital, a venture capital firm that invests in companies that leverage advanced technologies, today announced a $2.5 million investment in Privaris, Inc., a Charlottesville, Va.-based technology company providing wireless, biometric security solutions across both government and commercial markets. Privaris will use the A round to expand marketing and sales activities, as well as advance the development of its high security technology. Harbert Venture Partners led the $15.7 million round with a $2.5 million investment, with Noro-Moseley Partners and River Cities Capital Funds also participating.
Privaris' patented solution is its BPID(TM) Security Device, a wireless, battery operated handheld electronic key that authenticates its user with fingerprint biometrics before authorizing access to secure facilities, personal identity and financial documents and password restricted equipment. Privaris leverages advanced wireless, networking and microelectronics technologies that enable its BPID Security Device solution to satisfy a wide range of security needs by performing biometric identity verification without comprising personal privacy. Selected by a growing number of organizations, the Privaris BPID Security Device is compatible with existing security systems, eliminating the need for new infrastructure or wiring.
"Our investment philosophy is focused on companies that are leading innovators of new technologies that tap into growth markets," said Ransom Parker, managing partner at SpaceVest. "Privaris' unique value proposition in the expanding biometric security industry is a perfect fit for SpaceVest, and we look forward to working with our strong co-investors to support Privaris as they develop next-generation technologies and continue to set the standard in the sector."
Earlier this year, the Virginia Piedmont Technology Council (VPTC), an influential and effective tech-focused alliance in central Virginia, presented Privaris with its Breakthrough Award for its remarkable technology breakthrough that will positively impact regional, national and international marketplaces.
"This funding is an important milestone and provides us with the resources to take our company to the next level," said Dr. Barry Johnson, Privaris president and CEO. "It is also an endorsement of our position in the biometric sector and our approach to protecting personal privacy. We will continue to enhance our position in the industry by addressing additional applications and markets."
Privaris is online at www.privaris.com.