Validity Sensors Announces $16 Million Financing Led by TeleSoft Partners; Arjun Gupta Joins as Acting CEO.FOSTER CITY, Calif. -- Validity Sensors Inc., a provider of durable, high-performance silicon-on-flex fingerprint fingerprint, an impression of the underside of the end of a finger or thumb, used for identification because the arrangement of ridges in any fingerprint is thought to be unique and permanent with each person (no two persons having the same prints have ever been sensors, today announced a $16 million financing led by TeleSoft Partners, bringing the total funds raised to $35 million. The funds will be used for working capital to expand the sales and marketing efforts and for next-generation product development. As part of the financing, Validity has moved its headquarters to Foster City, Calif., and Arjun Gupta, managing partner of TeleSoft Partners, has assumed the role of interim 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. until the company recruits a permanent CEO. Alex Erhart has become executive VP of products and operations. Validity's patented LiveFlex(TM) is the only fingerprint acquisition technology that utilizes RF sensing technology to penetrate deep into the living tissue of a finger through a robust flexible plastic film. LiveFlex uses standard Chip-on-Flex packaging that decouples the sensing elements from the fragile silicon die, and uniquely delineates the size of the silicon, determining cost, from the size of the sensor, determining security. The Validity sensor affords the fingerprint sensor industry a quantum leap quantum leap n. An abrupt change or step, especially in method, information, or knowledge: "War was going to take a quantum leap; it would never be the same" Garry Wills. in durability by requiring the user to only come in contact with Kapton, a highly resilient material, and allows Validity to solve the industrywide in·dus·try·wide adv. & adj. Throughout an entire industry: sales that have decreased industrywide; industrywide cooperation. reliability problems associated with direct human contact to silicon, such as ESD (1) (Electronic Software Distribution) Distributing new software and upgrades via the network rather than individual installations on each machine. See ESL. or incidental impact. "We are delighted to lead the financing in Validity Sensors. The fingerprint biometrics industry is poised to experience explosive growth. Validity offers superior durability, form factor and imaging performance," said Gupta. "The markets for Validity's sensors include laptops, peripherals, memory sticks, wireless devices, access control, and smart cards Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. , which cumulatively will be billions of units in the future. The 'Two Factor 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. Initiative' in the banking industry is a good example of the emerging requirements for authentication and identity management." "We are very excited to significantly expand our partnership with TeleSoft. This financing enables Validity to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. its position in the PC market, and to expand our offerings into emerging biometrics markets, like wireless and access control," noted Erhart. "This is a very significant milestone for Validity. The funding allows Validity to expedite development of next-generation biometric sensing devices and to build on Validity's increasing market share as fingerprint sensors become ubiquitous," added Fred Benkley, founder and chief scientist. Validity's VFS VFS Virtual File System VFS Vancouver Film School VFS Virtual Filesystem Switch VFS Veritas File System VFS Vines File System VFS Virtual Fighting Squad (gaming) VFS Vehicle Fighting System VFS Virtual Filesystem Switching 101 finger print sensor, and the VFS131 smaller finger print sensor, are both shipping now. About TeleSoft Partners TeleSoft Partners is a venture capital firm focused on next-generation communications and information technology companies. TeleSoft manages capital commitments of $625+ million and focuses on systems, software, services and components. Over the last decade, TeleSoft and its principals have funded and helped build 50+ portfolio companies resulting in 20+ acquisitions and IPOs. Example portfolio companies include Bombay Cellular (acquired by Hutchison), Cerent (acquired by Cisco), Internet Photonics (acquired by Ciena), iWitness (acquired by Zantaz), Kymata (acquired by Alcatel), Promatory (acquired by Nortel), VxTel (acquired by Intel), as well as the following companies which have had initial public offerings: Omnipoint, OSI (1) (Open System Interconnection) An ISO standard for worldwide communications that defines a framework for implementing protocols in seven layers. Control is passed from one layer to the next, starting at the application layer in one station, proceeding to the , Provide Commerce and TeleAtlas. TeleSoft's Corporate Partners are Alltel and Bechtel in 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. , Deutsche Telekom Deutsche Telekom AG (ISIN: DE0005557508, FWB: DTE, NYSE: DT, LSE: DEU, TYO: 9496 ) (abbreviated DTAG) is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Germany and in the EU. in Europe and Comverse in Israel. For more information, visit http://www.telesoftvc.com. About Validity Sensors Headquartered in Foster City, Calif., Validity Sensors Inc. is a privately held semiconductor company providing the most intelligent fingerprint sensing solutions on the market. Validity's fingerprint sensors feature LiveFlex(TM) Technology that supplies the building block to the best total sensing solution for PCs, peripherals and mobile devices. Validity's LiveFlex(TM) Technology provides unmatched durability, below-the-surface finger imaging and the ability to work with any software suite. For more information, visit www.validityinc.com. All trademarks or registered trademarks are property of the respective holders. (C) 2005 Validity Sensors Inc. |
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