# Passport Systems

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/passport-systems

- Industry: Software
- Headquarters: Billerica, US
- Website: www.passportsystems.com
- Total disclosed funding: $23M
- Latest round: Series C (Jan 1, 2008)
- Investors on record: 3

## About

Passport Systems Inc. specializes in innovative solutions for passport and identity verification, focusing on biometric identification systems for government agencies and private sector clients to enhance security and operational efficiency.Founded in 2002 in Billerica, US, Passport Systems Inc. provides advanced identity verification solutions. The company has engaged in 13 investment deals, with the most recent financing round occurring on September 29, 2016, when they raised USD 8.640 mn. The current CEO is Steve Korbly.Passport Systems specializes in providing advanced solutions designed to enhance the efficiency of passport and identity verification processes. Their core product offerings include state-of-the-art biometric identification systems tailored for government agencies, border control, and immigration services. These products are specifically engineered to improve security and streamline the verification process, addressing key challenges such as fraud prevention and expedited processing times. The company targets a diverse client base, including federal and state government entities, as well as private sector organizations involved in travel and identification services. Passport Systems distributes its products primarily in North America, Europe, and select markets in Asia, ensuring a broad reach to sectors that require reliable and secure identity management solutions.The revenue model for Passport Systems is primarily structured around direct sales to government and enterprise clients who seek robust identity verification solutions. Transactions typically involve upfront payments for hardware and software systems, alongside any necessary installation and training services. Clients may also engage in ongoing maintenance agreements which provide recurring revenue streams through service contracts. The company's flagship products are positioned in the B2B marketplace, where clients benefit from tailored pricing plans based on specific needs and the scale of implementation. This direct engagement fosters long-term partnerships, enhancing customer loyalty and facilitating continuous revenue generation from existing accounts.Following the recent financing round in September 2016, which raised USD 8.638 mn, Passport Systems Inc. is focused on expanding its product line with new biometric solutions slated for launch in upcoming years. The company is targeting expansion in Europe and select Asian markets by 2025, aiming to enhance their presence in regions with increasing demands for advanced identity verification technologies.

## Funding rounds

- Series C, Jan 1, 2008, $10M — Topspin Partners, Shiprock Capital
- Series C, Nov 26, 2007, $10M — Topspin Partners, Shiprock Capital
- Series B, May 22, 2006, $2M — Topspin Partners, Commons Capital, Shiprock Capital
- Series A, Jun 1, 2004, $1.4M — Topspin Partners, Commons Capital, Shiprock Capital

## Investors

- Topspin Partners (https://capitalatlas.ai/funds/topspin-partners) — Series A, Series B, Series C
- Commons Capital (https://capitalatlas.ai/funds/commons-capital) — Series A, Series B
- Shiprock Capital — Series A, Series B, Series C