PLATESCAN ANNOUNCES STRATEGIC INVESTMENT AND TECHNOLOGY DEVELOPMENT AGREEMENT WITH IN-Q-TEL
May 8, 2008
Newport Beach, CA
PlateScan, Inc., a worldwide leader in automatic license plate recognition (ALPR) technology, announced today that it has entered into a strategic investment and technology development agreement with In-Q-Tel, the independent strategic investment firm that identifies innovative technology solutions to support the mission of the Central Intelligence Agency (CIA) and the broader Intelligence Community (IC). In-Q-Tel’s funding strengthens PlateScan’s ability to rapidly advance its license plate recognition and data analysis capabilities and to develop important new products for commercial and government markets.
"PlateScan technology provides immediate results for its users," said Troy M. Pearsall, Executive Vice President of Technology Practices and Insertion at In-Q-Tel. "The prospect of new and enhanced products will dramatically change the text recognition and analysis field, providing high value technology solutions for both federal and commercial markets."
With installations at agencies ranging from local law enforcement to sensitive Department of Homeland Security facilities, PlateScan has been used to find and recover stolen vehicles, assist in surveillance for narcotics teams, protect access to mission-critical facilities, help detect serious serial criminal activity and reveal repeat violators, and strengthen the protection of our international borders.
"This new partnership with In-Q-Tel is strategic in advancing the development and deployment of ALPR systems to the government market," said Mark Kelly, CEO of Newport Beach, California-based PlateScan, Inc. "We are pleased to partner with In-Q-Tel to make our unique ALPR system available to the U.S. Intelligence Community and are honored to have been included in their impressive group of portfolio companies."
About In-Q-Tel:
In-Q-Tel is a strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the mission of the U.S. Intelligence Community. Launched by the CIA in 1999 as a private, independent organization, In-Q-Tel’s mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community’s critical technology needs, In-Q-Tel engages with entrepreneurs, growth companies, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and the larger Intelligence Community. In-Q-Tel concentrates on several broad commercial technology areas, including application software and analytics; bio, nano, and chemical technologies; communications and infrastructure; digital identity and security, and embedded systems and power. To date, In-Q-Tel has engaged with more than 100 companies and delivered more than 140 technology solutions to the Intelligence Community. To learn more about In-Q-Tel, visit www.iqt.org.
For more information about PlateScan, go to its Website, www.platescan.com.
