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Identrus raises $20m in series B financing

26 July 2005  |  6306 views  |  0 cash - dollars - lots of

Bank-backed identity trust network Identrus has secured $20 million in a series b funding round led by California-based Enterprise Partners Venture Capital and New York's Rho Ventures.

Existing investor Zions Bancorporation also participated in the round.

The company, which provides digital certification services, says it will use the funds to expand its international and domestic sales and distribution channnels. It also plans to extend its reach to new vertical markets including financial services, pharmaceutical, government and transportation and logistics.

The move is likely to see Identrus break away from the shackles of bank ownership and seek to address the needs of large corporate entities independent of their banking relationships.

Ben Terk, partner, Rho Ventures, says: "Organisations around the world now require a common and secure identity standard, such as the one created for Identrus member banks."

The vendor says it will invest in business activities to develop relationships similar to those established with the RosettaNet consortium, which selected Identrus to provide digital identity certificate services to its member companies last year.

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