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Verified Identity Pass Inc. shut down operations Monday evening, just 10 months after the New York-based maker of airport security checkpoint passes took a $44.4 million venture round led by Boston-based Spark Capital.
The company, which through its “Clear Lanes” service allowed travelers carrying a biometric security pass to bypass airport security lines, “has been unable to negotiate an agreement with its senior creditor to continue operations,” according to a note posted yesterday on its website, flyclear.com.
Founded in 2004 by magazine publisher Steven Brill, Verified Identity Pass had raised as much as $61.7 million in total, according to published reports. Backers included Syncom Venture Partners of Maryland, Lockheed Martin, GE Security, Baker Capital and Lehman Brothers.
Spark led the company’s $44.4 million third round of venture investment, which closed in August, at a reported pre-money valuation of $90 million.
The Clear Lane service, which was operating in at least 18 airports, became unavailable as of 11 p.m. yesterday, the company said on its website. The company operated through the U.S. Department of Homeland Security’s registered traveler program, intended to expedite travel for frequent fliers who pass background screening. Customers paid $128 a year for a photo ID carrying information on the traveler’s fingerprints and irises.
Spark general partner Dennis Miller, who led the Boston firm’s investment in Verified Identity Pass, could not be reached for comment this morning. Mentions of the company appear to have been removed from Spark’s website as of this morning.
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