PhotoSecure received USD 1 million funding

17 Jun 2002

PhotoSecure, Inc., a company offering a new group of high-performance photochemical security systems, has received a USD 1 million investment from GenuOne, Inc. PhotoSecure's technologies were developed and patented by Guilford Jones, professor of chemistry and his colleagues at the Boston University Photonics Center. The young company was incubated in the Center's Business Incubator. GenuOne is a leading provider of brand security solutions for counterfeiting, product diversion, and licensing fraud.

GenuOne's investment, through GenuOne Technology Capital (GTC), is enabling PhotoSecure to dedicate its attention to developing security-focused applications for the commercial market.

PhotoSecure supplies proprietary inks and dye platforms that include covert "unique spectral signatures" applied to product manufacturers' labels, packaging materials, products and security documents. The company also supplies hand-held detectors that can recognize these unique signatures. The detectors have data communication, analysis, storage and retrieval capability allowing key executives to monitor inventories and brand protection programs on an ongoing basis.

"PhotoSecure is a strategic investment for us," said Jeffrey Unger, CEO of GenuOne. "It enables us to integrate the most advanced thinking in photochemical technology into GenuOne's portfolio of Brandsecure(tm) solutions that include measures for authentication, tracking and control. Our partnership with PhotoSecure will provide advanced, results-driven solutions for the brand erosion, counterfeiting and diversion issues facing major global brands in today's commercial marketplace."