AuthenTec Raises $12.1 Million in Funding Led By Sierra Ventures; Funding Marks Sierra's First Foray into Biometrics, Validates AuthenTec's Leadership Position.Business Editors/High-Tech Writers MELBOURNE, Fla.--(BUSINESS WIRE)--March 10, 2003 AuthenTec, Inc., the leader in advanced biometric fingerprint sensors, today announced it has completed a $12.1 million round of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , bringing the Company's total funding to nearly $50 million since its founding in October 1998. Sierra Ventures, based in Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. , led the round, which included previous investors Harris Venture First, Knickerbocker LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Advantage Capital Partners and Stonehenge Capital Corporation. SoundView Technology Group served as the Company's sole placement agent in connection with the financing. AuthenTec will use the funding to support new product development, while continuing to build upon its established, industry-leading customer base. Recognized as the fingerprint market leader in a Frost & Sullivan 2002 report(1), AuthenTec's rapid market place adoption is attributable to the Company's patented TruePrint(TM) technology, which represents a quantum advance in the ability to read below the surface layer of the skin to the live layer where the true fingerprint resides. Uniquely, TruePrint is the only fingerprint technology capable of capturing anyone's fingerprint under virtually any condition. Used to replace PINs, passwords, physical access cards and keys, the Company's silicon and TruePrint-based sensors provide the most convenient and reliable fingerprint security solutions available today for the PC, wireless, access control and automotive markets. "AuthenTec was the ideal choice for Sierra Venture's first foray into the biometrics market," said Ben Yu, Venture Partner, Sierra Ventures. "We are confident that the Company's leadership, technology and strategy will keep it at the forefront of the fingerprint biometric industry." As part of the funding agreement Funding Agreement Illiquid insurance contracts that provide guaranteed principal repayment and interest payments for a predetermined period of time. Notes: Funding agreements are marketed to mutual fund companies and municipal reinvestments. , Yu will assume a seat on AuthenTec's Board of Directors. "We are extremely pleased to have secured new venture capital funding in this challenging economic climate," said Scott Moody, co-founder & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , AuthenTec. "We believe this financing demonstrates the investment community's confidence in AuthenTec's ability to further extend its biometric market leadership and the ultimate opportunity of the market itself." International Biometric Group (IBG IBG Informatie Beheer Groep (Netherlands) IBG Institute of British Geographers IBG International Biometric Group IBG Interbank GIRO (General Interbank Recurring Order) IBG Inter-Block Gap IBG Interblock Gap ) forecasts biometric market revenues of $2.2 billion in 2005.(2) About AuthenTec, Inc. AuthenTec is a leading semiconductor company providing advanced biometric fingerprint sensors to the PC, wireless, PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). , access control and automotive markets. AuthenTec's FingerLoc and EntrePad product families utilize the company's patented TruePrint(TM) technology, the first technology capable of imaging everyone under virtually any condition. AuthenTec's award-winning products are the choice of leading industry hardware and software providers, ensuring compatibility across multiple platforms and applications. Based in Melbourne, Florida, AuthenTec's global network of partners, solution providers and customers include Texas Instruments, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Targus, Delphi, Acer, Synaptics, Asus, Harris Corporation and SCM (1) (Software Configuration Management, Source Code Management) See configuration management. (2) See supply chain management. Microsystems. For more information about AuthenTec, visit http://www.authentec.com About Sierra Ventures Sierra Ventures is a $1 billion venture capital organization headquartered at 2884 Sand Hill Road in Menlo Park, California (http://www.sierraventures.com). The firm invests in early stage and emerging growth technology companies with a special focus in three areas: networking and telecommunications, mission critical enterprise software and Internet infrastructure. Since its founding in 1982, Sierra Ventures has successfully invested in numerous early stage technology companies including ConvergeNet (purchased by Dell), Evolve Software (EVLV - NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ), Intuit (INTU INTU Intuit, Inc. (stock abbreviation, AMEX) - NASD), MicroMuse (MUSE - NASD), OnLink (purchased by Siebel), Quinta (purchased by Seagate), StrataCom (purchased by Cisco), and Vina Technology (VINA - NASD). All trademarks or registered trademarks are the property of the respective holders. (1) World Silicon Chip Fingerprint Market (C) 2002 Frost & Sullivan (2) Biometrics Market Report 2003-2007, Copyright (C) International Biometric Group |
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