New Financing Enables Safe IDs Global Growth

Safe ID Solutions has closed a second round of financing totalling over EUR10 million with the company's existing main shareholders Atlas Ventures and Wellington Partners.

Safe ID Solutions has closed a second round of financing totaling over EUR10 million with the company's existing main shareholders Atlas Ventures and Wellington Partners, as well as the National Innovation Fund of Kazakhstan (NIF).

The company said that the funds will primarily be used to further strengthen the company's presence in the passport personalisation business, as well as to enhance its scope of securing process management and authentication software for further security-related applications.

Safe Id said that over the past two years it has established itself as a provider of fully-integrated and secure passport personalisation systems with installations in more than 25 countries.

The second round of financing will give Safe ID a new boost towards globalisation.

Karsten Neugebauer, the chief executive officer and founder of Safe ID Solutions, commented: "We will now be able to further strengthen our position as the leading player in the passport personalisation market and expand our global reach." He added that a second objective was to dedicate greater focus and resources on the company's positioning as a security software provider.

Identity and process management were issues that go far beyond pure government applications and represent a large field of activity for Safe ID in the future.

The company's performance and technology were what convinced the main Safe ID shareholders, Atlas Venture and Wellington Partners, to co-lead the second round, said Neugebauer.

Frank Bohnke of Wellington Partners explained: "As more countries introduce e-passports, we are seeing huge momentum for Safe ID." Safe Id added that its growth also attracted the National Innovation Fund of Kazakhstan as a new investor with roots in the fast-growing Asian market.

The National Innovation Fund of Kazakhstan is particularly targeting young and ambitious technology companies worldwide with systems that are made for a global market.

The NIF's main objective is to assure technology and know-how transfer to Kazakhstan and the central Asian region.

Nurbek Rayev, the chairman of the National Innovation Fund of Kazakhstan, commented: "Safe ID was the vehicle of choice for our first foreign investment in the IT/security sector this year.

The company has a proven track record as a flexible, well structured organisation that addresses an extremely interesting market segment with a convincing management team.".

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