Not So Clear: Verified Identity Pass Shuts Down
Verified Identity Pass, operator of the "Clear" system that allowed members to pass quickly through airport security, is ceasing operations later this evening. In a statement on its website, the company said that it has "been unable to negotiate an agreement with its senior creditor." The company was founded in 2004 by media Steven Brill, and raised around $54 million in VC funding. Most of that capital came last year, when Verified Identity Pass raised $44.4 million at a pre-money valuation of approximately $90 million. Spark Capital led the round (think this is their first big bust), and was joined by Syncom Venture Partners and return backers Lockheed Martin, GE Security, RRE Ventures, Baker Capital and Lehman Brothers.
23 June 2009•1 min read
