PINoptic is probably our favourite success story as it was the first deal we got funded and they got over 10 times what they asked for! PINoptic developed a solution to the security risk associated with chip and PIN numbers, using simple images that appear in different places on the screen each time you enter your PIN. If someone sees (or even films) you typing in your PIN they can’t tell if you pressing key 2 because there is a dog, a house or a wineglass there. The next time the screen in presented these images appear in different positions so the user will press different keys. Simple but clever eh?
They initially pitched on Angels Den in June 2007 for just £25k to get the worldwide patent lodged in time for the 12 month deadline from posting the initial patent application. He’d done the rounds trying to get funding elsewhere to no avail and was starting to panic. Then he heard about Angels Den so he paid his money and gave it a try.
Within 2 weeks they had a promise of the money and because it was a relatively small sum there was little need for "due diligence" (checking every aspect of the company). The money was in PINoptic's bank in less than 6 weeks, in time for the patent deadline.
Meanwhile, another Angel saw PINoptic's Business Plan on Angels Den and asked to meet them, even though PINoptic had already secured the initial funding. He represented a group of 5 Angels who invest £50k each and asked what they could do with £250k! They were delighted, presented a new plan and got investment of £250k, with the lead Angel taking a place on the board. The picture shows the PINoptic founders with Lois Cook of Angels Den and PINoptics new investors. Their smiles are all the greater having secured both rounds of funding with just one pitch on Angels Den.
This team of Angels has given a lot of help and support to PINoptic and have even been able to fund half of the latest funding round and take the company forward.