Biometric Access Corporation Secures $5M Funding from J. & W. Seligman Co.
Chris Boova, Vice President, Investment Officer of J. & W. Seligman & Co. Incorporated, said, "Biometric Access has developed and implemented highly unique biometric solutions which successfully address consumer convenience and security in the retail Point-of-Sale market. BAC's solutions provide unforeseen levels of consumer and business protection against fraud and disclosure of confidential information and will revolutionize security in a wide variety of industries."
Mike Guthrie, Seligman Senior Vice President, Investment Officer who spoke with some of BAC's large customers, said, "Rarely have we heard such glowing reports from major customers of an early-stage, high-tech company. BAC has established a reputation of being very responsive to their customers and delivering innovative solutions that meet their needs."
David Peipers, a member of BAC's Board of Directors, added $525K to the first closing. BAC is in the process of working with additional investors to complete the funding of the remaining $4.5M. The funds will be used to accelerate hardware and software development and to initiate new and additional marketing and sales activities.
BAC is also very pleased to announce the addition of Andrew Heller to BAC's Board of Directors. Dr. Heller was an IBM Vice President and is an IBM Fellow. He is a founder of and consultant to several technology companies in the Austin, Texas area as well as the Silicon Valley. Ron Smith, President and CEO of BAC, said, "Andrew is very well respected in the technology and investment communities. He will provide valuable insight and consultation during this critical period of BAC's growth."