PassMark Security raises $7.7m in series B financing

PassMark Security raises $7.7m in series B financing

PassMark Security, a California-based provider of authentication technology, has secured $7.7 million in a series B funding round led by new investor Menlo Ventures.

Existing investors including Diamondhead Ventures and the founders of the company also participated in the round.

PassMark Security was set up by Bill Harris, former CEO of Intuit and PayPal.

The company has recently launched a two-factor two-way online authentication system that requires no hardware tokens or software downloads. Instead customers are provided with a secret PassMark - a small image and a phrase - which is displayed to members during log in on an online banking site. If the PassMark is correct customers will know the Web site is genuine and that it is safe to enter passwords.

The vendor says it will use the funds raised to expand its technical and marketing teams and increase development and distribution of its products in Europe and Asia.

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