“The market for biometric technologies is expected to grow rapidly over the next few years and CLEAR is uniquely positioned to be the leader in using this technology to help consumers to access experiences beyond the airport more quickly and safely,” – Ted Leonsis, Co-founder and Partner, Revolution Growth
CLEAR is planning for growth, with new capital from two investment firms now in hand to help propel it forward.
One of the firms, T. Rowe Price, is a well-established firm dating back to 1937, which claims over $962 billion in assets under management. The other, Revolution Growth, has offices in Washington, DC, and San Francisco, and is focused on supporting disruptive new companies, generally in the tech sector.
In a statement announcing the investments, CLEAR did not disclose specific figures. But executives from both investment firms were emphatic in expressing their enthusiasm for the company and its biometric platform.
“The market for biometric technologies is expected to grow rapidly over the next few years and CLEAR is uniquely positioned to be the leader in using this technology to help consumers to access experiences beyond the airport more quickly and safely,” said Revolution Growth co-founder and partner Ted Leonis, while T. Rowe Price New Horizons Fund portfolio manager Henry Ellenbogen lauded CLEAR’s “powerful biometric identity platform”, adding that his team believes it can become a much larger company.
The backing comes after a year of considerable expansion for CLEAR. Having initially aimed its platform at expedited passenger screening in airports, the company extended its reach into venue access and even biometric ticketing and concessions purchases through partnerships with baseball and football organizations in 2018, and closed out the year with a partnership with Hertz bringing its biometric identification system to the car rental market. Now, powered by this latest capital infusion, CLEAR is poised to race into an exciting new year.
January 30, 2019 – by Alex Perala