Navigation Links
Clear(R) Secures $44.4 Million in Venture Funding
Date:8/20/2008

New Investor Spark Capital Leads Round with Additional Funding by Syncom

Venture Partners and Participation from Existing Investors Including

Lockheed Martin, GE Security, Baker Capital and Lehman Brothers.

NEW YORK, Aug. 20 /PRNewswire/ -- Clear(R), the fast pass for airport security, has secured $44.4 million in venture funding. Led by new investor Spark Capital, this round also includes a second investor Syncom Venture Partners, and existing investors Lockheed Martin, GE Security, Baker Capital, Lehman Brothers, and Clear founder and CEO Steven Brill. Clear will use the financing to further its membership growth in its existing markets and will also expand its signature fast lanes this fall and beyond with airport installations expected in new major markets across the country.

Clear members are pre-screened and, after application completion which involves providing iris and fingerprint images, receive a card that allows access to fast security lanes nationwide. Clear members' identities are assured through biometric verification every time they go through airport security.

Clear lanes feature concierges whose assistance speeds throughput while making passage through airport security more hassle-free. Clear's annual membership fee is $128. The Clear concierge service alone has made Clear lanes 30 percent faster than regular security lanes and Clear plans to improve that even more through enhanced technology which, once approved by the US Government, could allow cardholders not to have to remove shoes, outer garments or laptops as they pass through the security checkpoint.

Clear was recently featured in a Conde Nast Traveler story which reported that there are an estimated 8 million fliers who take at least two trips per month and who are Clear's target market.

"Spark's and Syncom's new support, along with this renewed support from our existing partners, assures that Clear will now be able to proceed to complete the Clear national network, and then expand to other non-Airport venues," said Clear founder and CEO Steven Brill. "This marks an exciting new phase in Clear's growth and in the development of the voluntary credentialing industry."

"With Clear now accepted in 18 airports, the company has already built the largest airport security fast pass business, and it is well on its way to providing the nation's travelers the best, most effective way to get easy access to their flights," said Dennis Miller, general partner, Spark Capital. "Clear's fast growth with their security verification system will continue to change the way people think about identity credentialing and fast access to venues with security bottlenecks -- ranging from airports to sports and concert arenas and beyond. We are excited to work with Steven Brill and his team as they continue to build on their market momentum."

"Syncom is delighted to partner with Clear, a business that is at the forefront of an exploding market opportunity in voluntary credentialing," said Terry Jones, Managing Partner, Syncom Venture Partners.

Applicants start the membership enrollment process at http://www.flyclear.com and complete it in person at a Clear enrollment center, where they have their fingerprints and iris images captured. Clear enrollment centers are located in airports with Clear programs and also at convenient city locations, including New York's Grand Central Terminal.

About Clear

Clear, operated by Verified Identity Pass, Inc., has signed up more than 200,000 travelers nationwide. Clear cards are accepted at 18 U.S. airports: Albany, Cincinnati, Denver, Indianapolis, Jacksonville, LaGuardia (Central Terminal B and Terminal D), Little Rock, New York JFK (Terminals 1, 2, 4 and 7), Newark (Terminal B1 and B2), Oakland, Orlando, Reno, Salt Lake City, San Francisco, San Jose, Washington, DC's Reagan and Dulles, and Westchester. And, soon, Clear lanes will open at Atlanta's Hartsfield-Jackson International Airport. Clear members are provided with a high-tech card which allows them to access designated security lanes nationwide for an annual fee of $128. Clear members pass through the security checkpoint faster, with more predictability and less hassle. Applicants start their enrollment at flyclear.com and complete the process at an enrollment location where their fingerprints and iris images are captured and their identification is validated. Clear's registered traveler program has been operational since July 19, 2005. For more information, please visit: http://www.flyclear.com.

About Spark Capital

With a deep network that spans technology and media, investing and operations, Spark Capital provides world-class entrepreneurs and revolutionary companies with the resources to succeed in today's marketplace. Spark Capital has $622 million under management, and is based in Boston, Mass. To learn more, please visit http://www.sparkcapital.com.

About Syncom

Founded in 1977 and headquartered in Silver Spring, Maryland, Syncom Venture Partners manages approximately $400 million of private equity capital on behalf of some of the nation's largest corporations and public pension funds. For more information, please visit http://www.syncom.com.


'/>"/>
SOURCE Clear
Copyright©2008 PR Newswire.
All rights reserved

Related biology news :

1. Death protein research secures funding for UCF scientists
2. UT Southwestern secures $5 million NIH grant for lupus research
3. New study finds biodiversity conservation secures ecosystem services for people
4. Life-saving clean water project secures $13M from Bill & Melinda Gates Foundation
5. UGA gets $2.5 million in grants to study plants to make biofuels
6. LSUHSCs Lazartigues awarded $1.2 million grant
7. Caltech scientists awarded $20 million to Power the Planet
8. UGA researchers win $9.2 million stem cell grant from NIH
9. DOE and USDA announce more than $10 million in bioenergy plant feedstock research
10. Case Western Reserve University School of Medicine researchers receive $10.8 million
11. Michael J. Fox Foundation Funds $1.1 Million for Cutting-edge Approaches to Parkinsons Disease
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/19/2016)... , UAE, April 20, 2016 ... be implemented as a compact web-based "all-in-one" system solution ... the biometric fingerprint reader or the door interface with ... of modern access control systems. The minimal dimensions of ... ID readers into the building installations offer considerable freedom ...
(Date:4/15/2016)... 15, 2016 Research and ... Biometrics Market 2016-2020,"  report to their offering.  , ... , ,The global gait biometrics market is expected ... the period 2016-2020. Gait analysis generates ... be used to compute factors that are not ...
(Date:4/13/2016)... 2016  IMPOWER physicians supporting Medicaid patients in ... clinical standard in telehealth thanks to a new partnership ... platform, IMPOWER patients can routinely track key health measurements, ... index, and, when they opt in, share them with ... a local retail location at no cost. By leveraging ...
Breaking Biology News(10 mins):
(Date:6/24/2016)... June 24, 2016  Regular discussions on a range of ... between the two entities said Poloz. Speaking at ... Ottawa , he pointed to the country,s inflation target, ... government. "In certain ... institutions have common economic goals, why not sit down and ...
(Date:6/23/2016)... , ... June 23, 2016 , ... ... pleased to announce the launch of their brand, UP4™ Probiotics, into Target stores ... 35 years, is proud to add Target to its list of well-respected retailers. ...
(Date:6/23/2016)... (PRWEB) , ... June 23, 2016 , ... ... Plate® YM (Yeast and Mold) microbial test has received AOAC Research Institute approval ... of microbial tests introduced last year,” stated Bob Salter, Vice President of Regulatory ...
(Date:6/23/2016)... ... June 23, 2016 , ... STACS DNA Inc., the ... at the Arkansas State Crime Laboratory, has joined STACS DNA as a Field Application ... team,” said Jocelyn Tremblay, President and COO of STACS DNA. “In further expanding our ...
Breaking Biology Technology: