CLEAR Announces Successful Completion of $20 Million Equity Capital Raise

Funding to be used to accelerate growth and further development of leading secure identity platform

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Oct 14, 2015, 10:00 ET

NEW YORK, Oct. 14, 2015 /PRNewswire/ -- CLEAR, the leading biometric identity system, announced today that it has successfully raised a $20 million equity financing round from a group of investors led by funds and accounts advised by T. Rowe Price Associates, Inc. CLEAR currently provides secure entry services at 12 major airports and at three major league baseball stadiums.

In addition to T. Rowe Price, other new investors include Jeffery H. Boyd, Chairman of the Board and former Chief Executive Officer of The Priceline Group Inc.; Robert Mylod, the former Chief Financial Officer of The Priceline Group Inc.; and Sterling VC, a co-investment initiative of Sterling Equities, the family run group of diversified real estate, media, and sports companies, including the New York Mets. Existing investors participating in the funding round include Bill Miller, Chairman of LMM, the Portfolio Manager of Legg Mason Opportunity Trust Fund.

"The funding will drive innovation and accelerate the growth of our secure identity platform, allowing us to further redefine and improve the customer experience across multiple channels," said Caryn Seidman-Becker, CLEAR's co-founder and Chief Executive Officer. "CLEAR's technology is easily adaptable and provides our customers with a universal key to a frictionless experience, whether they be travelers, fans at sporting venues or anyone accessing a highly trafficked location."

Mr. Boyd, who together with Mr. Mylod, helped build The Priceline Group into a leading global online travel business, has joined CLEAR's board of directors. Lew Kling, former President and Chief Executive Officer of Flowserve Corp., has also joined the board.

"CLEAR has a proven, market-leading technology that has been successfully deployed in some of the nation's busiest airports and baseball stadiums," Mr. Boyd said. "We believe in CLEAR's vision and ability to expand and become a leader in the secure identity field. I look forward to working with CLEAR to further scale the business."

"We are delighted and honored to have the support and confidence of such experienced and proven partners," Ms. Seidman-Becker said.

CLEAR's experienced and accomplished leadership team has grown significantly over the past year as the Company has focused on growing its technology capability as part of its ongoing mission to embrace and lead innovation.

"We are proud to have assembled such an accomplished and dedicated group and are focused on continuing to grow our team with visionaries who are passionately committed to further improving the customer experience," Ms. Seidman-Becker said.

For a demonstration on how CLEAR works, view this video: http://vimeo.com/53687250

ABOUT CLEAR

CLEAR currently operates at San Francisco, San Jose, Denver, Dallas-Fort Worth, Houston Bush, Houston Hobby, San Antonio, Austin, Orlando, Miami, Las Vegas, Baltimore-Washington, and Westchester County Airport in New York. CLEAR has a growing base of approximately 500,000 loyal members nationwide and has been used almost two million times by travelers. CLEAR is currently expanding to bring its timesaving, secure, biometric technology to airports around the country and is integrated with TSA PreCheck in all CLEAR locations. Additionally, CLEAR operates at Yankee Stadium in New York, Coors Field in Denver and AT&T Park in San Francisco. Enrollment is fast and easy and can be done at any of CLEAR's enrollment centers (http://clearme.com/enrollment-centers). For more information on how CLEAR is changing the way people travel and enjoy sporting events, visit http://www.clearme.com.