ID Analytics raises $20m in series c financing
16 May 2007 | 1710 views | 0
Source: ID Analytics
ID Analytics, Inc., the leader in Identity Risk Management, today announced it has closed $20 million in financing.
The Series C round was led by Investor Growth Capital, and included existing investors Canaan Partners, Trinity Ventures and Mission Ventures. The capital will enable ID Analytics to expand its portfolio of products and solutions to current and new customers while reaching out to new markets.
"In a very competitive market, ID Analytics has clearly established itself as a leader at the forefront of identity fraud prevention, helping the nation's largest organizations in financial services, telecom, retail, healthcare and government manage identity risk and lower operational costs," said Philip Dur, investment professional for Investor Growth Capital, who will join ID Analytics' board of directors. "We see tremendous opportunity as ID Analytics leverages its proprietary advanced analytics and ID Network, and expands its Identity Risk Management solutions to new customers and markets."
Using ID Analytics ID Network(TM), the nation's only real-time cross-industry identity fraud prevention network, member organizations have screened more than 700 million identity risk "events" for possible fraud. These events include applications for credit, new account openings, check payments, electronic funds transfers and non-monetary transactions such as a change-of-address or a request for convenience checks. Currently, the ID Network contains more than three billion identity elements and is continually updated with more than eight million new elements added each day.
"We are very excited to bring Investor Growth Capital on board as a new investor and partner. IGC's long-term investment strategy, active approach and demonstrated network made the firm a logical match given our stage and objectives for the business," said Bruce Hansen, chairman and CEO of ID Analytics. "This infusion of new capital will accelerate our business plans and allow us to leverage our core strengths as we make strategic investments into new high-growth categories like online authentication and identity proofing."