SUMMERVILLE, S.C.--(BUSINESS WIRE)--SCRA today announced that its Stage 2 affiliate has made a Technology Ventures investment in upstate company Integrated Biometrics. Based in Spartanburg, S.C., Integrated Biometrics develops and manufactures the world’s smallest and lightest FBI-compliant fingerprint scanners. SCRA’s Stage 2 sponsors larger investments, from $1-5 million, in more mature South Carolina-based technology companies, investing its capital together with outside, private co-investment on a deal-by-deal basis.
“We are pleased to announce this strategic investment that will enable Integrated Biometrics to accelerate its growth and further develop its suite of fingerprint technology products,” said Martin Ettlemyer, SCRA Vice President, Strategic Investments and Stage 2 General Manager.
Steve Thies, Integrated Biometrics CEO stated, “We are grateful for our relationship with SCRA and Stage 2. This investment reaffirms our technology and provides Integrated Biometrics with capital to enable us to more rapidly market our technology.”
“Our Stage 2 program applies retained earnings from SCRA’s core R&D operations to augment growth of South Carolina’s high tech landscape,” said SCRA CEO Bill Mahoney. “We are pleased to see Integrated Biometrics growing through our earlier SC Launch investment and meriting larger, later-stage capital investments. We look forward to continued successes for our Stage 2 program and its invested clients. At this juncture, we anticipate many future opportunities to co-invest with our Stage 2 partners.”
Integrated Biometrics’ recently completed round of investment includes co-investment sourced by Stage 2 from USC Education Foundation and Barnet Development Corporation, among others. To date, Stage 2 has completed seven investments.
SCRA is a self-sustaining non-profit R&D company that grows the technology-based economy in South Carolina by commercializing intellectual property and supporting and making investments in early-stage companies. Multiple economic impact studies show our cumulative output into South Carolina's economy to be over $18.1 billion since 1983, creating 15,000 technology-related jobs with annual wages averaging between $55,000 and $77,000.