Seattle-Based Lender Provides $300,000 To Jump-Start Expansion Strategy, As Company Looks To Increase Footprint Within Casino Industry And Other Verticals
LAS VEGAS, NV: On Tuesday, Biometrica Systems, Inc., a Las Vegas and Virginia-based SaaS company focused on creating products that link the physical to the digital in order to prevent crime and track criminals and their associates, announced that it had secured an initial round of growth capital from revenue-based financier, Lighter Capital.
“We’re pretty excited about this round,” said Biometrica CEO Wyly Wade. “We are cash flow positive. We have grown more than 20% over the past year and are looking at a more than 25% growth rate over the next 12-18 months, which isn’t always the case in the tech industry for what are effectively early stage companies. We have more than 200 steady B2B customers, including several Fortune 500 companies. We weren’t looking for a large investment at the moment, but we needed some capital to provide impetus to our development strategy. The $300,000 first round of investment from Lighter Capital was a great place to start.”
A unique combination of venture capital and traditional debt, revenue-based financing (RBF) is typically made to growing businesses but always on the basis of strong operational history and recurring revenue. According to Lighter Capital’s Jon Prentice, Biometrica was an ideal candidate for revenue-based financing.
“It made sense to provide capital to Biometrica,” said Prentice. “They’ve shown stability and a positive growth trajectory. We all know that the security industry, especially in the physical-meets-digital world, is poised for exponential growth. Biometrica already has an industry leading solution and is very well-positioned to expand beyond casino and gaming to other verticals.”
Lighter Capital stated that most companies it finances typically returned for more than one tranche as they grew — the average Lighter Capital client receives 1.7 financings.
Last week, Biometrica announced the release of a new version of SSIN, their fully encrypted Security & Surveillance Information Network, the release included a potential game-changer, a secure, convenient mobile application, that will allow authorized users access to convenient, near real-time facial recognition (FR) scans and receive feedback on suspicious individuals or groups that enter their properties.
Over the next few months, the company will release other enhanced features that will give subscribers the ability to run operational real-time FR scans against a law enforcement-verified database of criminals — a database that includes known thieves, drug and human traffickers, sex offenders, gang members, murderers, terrorists and white-collar criminals.
Biometrica Systems, Inc., a Nevada corporation, is in the business of creating software and systems that link the physical to the digital and the digital to the physical with the intention of minimizing criminality, or events that could lead to crime.
To this purpose, the company’s range of tools enable the recording of mala fide or criminal occurrences, recognize threats, identify politically enhanced personnel and their associates, track individuals or groups that have either committed a misdemeanor or felony, or have contributed to breaking the law, and finally, help security and surveillance teams of all stripes link all of the above.
Private Investigator License # 1295 [Nevada PILB]
About Lighter Capital
Headquartered in Seattle, Lighter Capital is an online revenue-based lender focused on providing technology companies up to $2 million in growth capital. They have provided more than $35,000,000 in growth capital to more than 100 companies in the six years since inception, with the average loan size being $250,000.
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