Clear secures funding from T Rowe Price, Revolution for airport, stadium expansion

Jan. 31, 2019

Clear, a provider of biometric security technology, secured a round of financing led by funds advised by T Rowe Price Associates Inc., as well as Revolution Growth, which will be used, in part, to help a major expansion at airports and sports venues for both clearance and payment, according to a spokesman.

Details of the investment were not disclosed.

"We have aggressive plans to expand in new airports, venues and verticals this year, and this investment will help accelerate these efforts," said Clear spokesperson Adam Grossberg in an email.

Clear uses technology, including fingerprint or eye scans, to identify users and help them get secure access through airport security, sports arenas and other venues.

"We believe Clear could be a much larger company," said Henry Ellenbogen, portfolio manager of the T. Rowe Price New Horizon's Fund, in a press release. "It is building a world-class company and brand and we are excited about their continued expansion in new airports, sports venues and other verticals."

Over the past year, the company has entered several partnerships to secure rental cars at Hertz, test biometrics as a replacement for paper or e-tickets with Major League Baseball and Tickets.com and allow Seattle Mariners and Seahawks fans to pay for food and drinks and confirm legal age by tapping a finger at the point of sale, according to the release.

The New York Mets were the first MLB team to launch the ticketing technology in September, and a major rollout is planned at other league stadiums, according to Grossberg. Clear was also integrated into the MLB Ballpark mobile app, so the mobile ticket can be presented to ushers to help find a seat, he said. 

Following the successful pilot, Clear will roll out its technology at additional baseball stadiums this year, according to the release.

Topics: Financial News, Mobile Apps, Mobile Payments, Security, Technology Providers

Companies: Clear

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