CoreStreet Closes $4 Million Investment Round; Funding To Be Used for Sales and Marketing Activities.Business Editors/High-Tech Writers BOSTON--(BUSINESS WIRE)--April 21, 2003 CoreStreet, a leading provider of authorization and validation technology, today announced the closing of $4 million in funding led by Pod Holding, LP. Pod has joined a list of private investors bringing the total funds raised to $5.5 Million. The additional funds will be used for product and business development activities. "Raising money in this difficult climate is a reflection of the early market acceptance of CoreStreet's technology, coupled with investors' confidence in the general strength of the security marketplace," said Peter Hussey, 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. of CoreStreet. "Our investors understand the tremendous potential of CoreStreet and its ability to deliver the only solution that validates digital credentials Digital credentials are meant to be the digital equivalent of paper based credentials. Just as an example a paper based credential could be a passport, a Driver's license, a membership certificate or some kind of ticket to obtain some service, like a cinema ticket or a public , including access rights, in real time and in both connected and disconnected environments." The heart of CoreStreet's security technology is based on validating credentials and the privileges associated with credentials. Customers are applying this technology to address some of the thorniest issues in physical and digital access control environments ranging from securing sensitive email and documents to securing sensitive areas in buildings. With 14 patents developed by Dr. Silvio Micali Silvio Micali (born October 13 1954) is an Italian-born computer scientist at MIT Computer Science and Artificial Intelligence Laboratory and a professor of computer science in MIT's Department of Electrical Engineering and Computer Science since 1983. , MIT MIT - Massachusetts Institute of Technology professor, world-renowned cryptographer cryp·tog·ra·pher n. One who uses, studies, or develops cryptographic systems and writings. Noun 1. cryptographer - decoder skilled in the analysis of codes and cryptograms cryptanalyst, cryptologist , and the father of modern proof systems theory, CoreStreet is continuing to bring security, safety and convenience to the security sector by bridging the gap between the physical and digital world. "CoreStreet's technology truly enables the convergence between physical and digital security in real time," said Johan Pontin, founder of Pod Holding, LP. "CoreStreet stands out because it enables this remarkable convergence in a very economical way--by providing a massively scalable solution that is cheaper and easier to use and deploy than any other solution available. Coupled with a superior management team that has proven success in building companies, Pod Holding has great expectations for CoreStreet." "The high costs associated with separate physical and digital access methods prohibit enterprises from implementing true authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. solutions that control access to a building or a computer network in real time," said Eric Ogren, Security Solutions & Services senior analyst at the Yankee Group (the Yankee Group, Boston, MA, www.yankeegroup.com) A major market research, analysis and consulting firm founded in 1970 by Howard Anderson. It provides general consulting and strategic planning in the computer and communications field. . "The advantage that CoreStreet provides is with portable digital credentials that cost effectively identify users in both connected and disconnected environments." About Pod Holding, LP. Founded in November 2000, Pod Holding LP is a private equity partnership that invests in closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. , expansion-stage companies. Deeply rooted in the Nordic countries and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Pod Holding works to capture synergies and bridge cultural gaps to build stronger companies. Started by four operational executives who are dedicated to sharing their complementary skills with their investments, Pod Holding boasts a management team and advisory board with unparalleled experience. Pod Holding focuses its investments in four areas: life sciences, wireless, industrial and software. For more information, please visit www.podholding.com. About CoreStreet Bridging the security gap between physical and information security, CoreStreet provides the only secure authorization and validation technology for connected and intermittently connected environments. Combining security, safety and convenience, CoreStreet enables organizations to grant or revoke To annul or make void by recalling or taking back; to cancel, rescind, repeal, or reverse. revoke v. to annul or cancel an act, particularly a statement, document, or promise, as if it no longer existed. an individual's access rights to a building, computer network, laptop, or wireless devices immediately in real time. The company, headquartered in the Boston area, holds 14 patents with more pending. For more information, visit www.corestreet.com. |
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