Singular ID closes new round of finance with Tigris Capital
25 Sep '06
2 min read
Singular ID Pte Ltd, the provider of integrated high technology enterprise brand security systems, announced that it has closed a new round of finance with Tigris Capital Pte Ltd.
Although the parties will not be drawn on the details of the investment, the equity finance deal was agreed in mid August 2006. It provides timely interim capital between Singular ID's initial seed round secured in July 2005 and an anticipated larger round of finance expected to close late 2006 or early 2007.
“We made a strategic decision to take a small interim tranche of finance because we are entering an exciting period in Singular ID's business development. We recently launched enxure, our enterprise brand security system, and are now delivering this to our first customer whilst pursuing some other enquiries”, explains Singular ID's Chief Executive Officer, Dr Adrian Burden.
“This commercial activity makes significant demands on our cash flow, and yet we wanted to be in a stable position to explore several possible investment opportunities. Tigris Capital shares our vision and strategy, and so we are very pleased to have them as a new investor in Singular ID.”
In addition to the investment, Tigris Capital will also appoint Mr William Klippgen as a Non-Executive Director of Singular ID. As Managing Director of Tigris Capital, Mr Klippgen has had experience in growing successful start-up businesses.
Dr Peter Moran, Singular ID's Chief Technology Officer states “With a background in growing a commercial internet-based services business into a major pan-European player, Mr. Klippgen will be a useful resource to have at the Board level. We now need to quickly establish Singular ID as a leading global supplier of anti-counterfeiting solutions for a wide range of industries.“
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