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April 05, 2000
Biocentric Solutions, Provider of Identification & Authentication Technologies to Business, Joins the VennWorks Network of Partner Companies
NEW YORK, NY, April 05—VennWorks, a creator and operator of leading-edge technology companies here, announced today that it has invested $5 million in the form of preferred stock in privately-held Biocentric Solutions Inc. The deal is expected to close later this month. With this investment, VennWorks’ network of Partner Companies has grown to five since the firm announced completion of its first round of financing in early March.
“Each of VennWorks” Partner Companies is distinguished by its dedication to promoting the development of an original technology with real market and profit potential. In addition, we choose only companies with the critical mass of people, resources and systems available to make the business a success," said Robert Bertoldi, VennWorks’ president. “Biocentric Solutions is an established company whose technological focus, in the identification and authentication of people and products, is an area for which market demand is growing rapidly.”
“The VennWorks value proposition is to create a group of companies—our Partner Network whose technologies and markets are interrelated, assist them in capitalizing on those synergies, and help each grow by applying our skills in strategic planning and guidance in network collaboration,” Bertoldi noted.
According to Dr. Martin Janiak, president and CEO of Biocentric Solutions, Inc., “The market for biometric applications in secure access applications will witness extraordinary growth as we move into the second half of this year. Biocentric Solutions is optimally positioned, with its products and technologies, to lead and capture this emerging market.”
