Wednesday, March 26, 2008

CoreStreet Ltd. Quiet about CIA-Backed Funding

March 25, 2008
Mass High Tech: The Journal of New England Technology

The Insider: ASU's Crow leads CIA venture capital arm [03/07/2008]
Abraxas names former CIA official to advisers group [02/04/2008]
Former security chief, CIA director stump for McCain in Florida [01/25/2008]

Polychromix pulls in funding from CIA venture arm [10/01/2007]

CoreStreet Ltd. has landed an investment from the CIA's venture arm, In-Q-Tel, officials report.

The investment agreement will support the development of smart-card security technology, including electronic locks. Terms of the deal were not disclosed.

Last year, In-Q-Tel invested in two Massachusetts companies. In October, it invested in Polychromix Inc., a Wilmington company that develops a handheld device to analyze materials. And in July, In-Q-Tel was part of a $15 million venture round for StreamBase Systems Inc., a Lexington data analytics software maker.

In 2004, Cambridge-based CoreStreet won a patent for its technology enabling the validation of credentials across a distributed infrastructure. The patent was its 15th. Most of those patents are based on the work of MIT professor and CoreStreet co-founder Silvio Micali.

Founded in 1999, Virginia-based In-Q-Tel is a nonprofit agency that invests in companies specializing in technologies that include communications systems and nanotechnology for use by U.S. intelligence agencies, such as the U.S. Central Intelligence Agency. In-Q-Tel also has an office in Boston, and has invested in Cambridge-based BBN Technologies.

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