Press Release
CoreStreet Closes $4 Million Investment Round
Funding To Be Used for Sales and Marketing ActivitiesBOSTON, Massachusetts (April 21, 2003)
CoreStreet, a leading provider of authorization and validation technology, today announced the closing of $4 million in funding led by Pod Holding, LP. Pod has joined a list of private investors bringing the total funds raised to $5.5 Million. The additional funds will be used for product and business development activities.
"Raising money in this difficult climate is a reflection of the early market acceptance of CoreStreet's technology, coupled with investors' confidence in the general strength of the security marketplace," said Peter Hussey, CEO of CoreStreet. "Our investors understand the tremendous potential of CoreStreet and its ability to deliver the only solution that validates digital credentials, including access rights, in real time and in both connected or disconnected environments."
The heart of CoreStreet's security technology is based on validating credentials and the privileges associated with credentials. Customers are applying this technology to address some of the thorniest issues in physical and digital access control environments ranging from securing sensitive email and documents to securing sensitive areas in buildings. With 14 patents developed by Dr. Silvio Micali, MIT professor, world-renowned cryptographer, and the father of modern proof systems theory, CoreStreet is continuing to bring security, safety and convenience to the security sector by bridging the gap between the physical and digital world.
"CoreStreet's technology truly enables the convergence between physical and digital security in real time," said Johan Pontin, founder of Pod Holding, LP. "CoreStreet stands out because it enables this remarkable convergence in a very economical way-by providing a massively scalable solution that is cheaper and easier to use and deploy than any other solution available. Coupled with a superior management team that has proven success in building companies, Pod Holding has great expectations for CoreStreet."
"The high costs associated with separate physical and digital access methods prohibit enterprises from implementing true authentication solutions that control access to a building or a computer network in real time," said Eric Ogren, Security Solutions & Services senior analyst at the Yankee Group. "The advantage that CoreStreet provides is with portable digital credentials that cost effectively identify users in both connected and disconnected environments."
Pod Holding, LP.
Founded in November 2000, Pod Holding LP is a private equity partnership that invests in closely held, expansion-stage companies. Deeply rooted in the Nordic countries and the United States, Pod Holding works to capture synergies and bridge cultural gaps to build stronger companies. Started by four operational executives who are dedicated to sharing their complementary skills with their investments, Pod Holding boasts a management team and advisory board with unparalleled experience. Pod Holding focuses its investments in four areas: life sciences, wireless, industrial and software. For more information, please visit www.podholding.com.
About CoreStreet
Bridging the security gap between physical and information security, CoreStreet provides the only secure authorization and validation technology for connected and intermittently connected environments. Combining security, safety and convenience, CoreStreet enables organizations to grant or revoke an individual's access rights to a building, computer network, laptop or wireless devices immediately in real time. The company, headquartered in the Boston area, holds 14 patents with more pending.
CoreStreet and Real Time Credentials are trademarks of CoreStreet Ltd.
