FireID secures EUR5 million funding round
07 September 2010 | 2795 views | 0
FireID, a leading provider of world-class security applications for mobile authentication, has raised additional funding of 5 million euros (approximately $6.4 million) from an investor, Jersey-based 4D Innovative Capital International Limited.
The funding will be used to expand worldwide distribution of the mobile password authentication solution into key verticals identified in the international marketplace.
4D Innovative Capital is an early-stage capital investment company that focuses on sourcing and funding promising high-tech opportunities, primarily in Southern Africa and specifically in software, web, media and telecommunications, from the seed funding stage onwards.
With FireID, users generate a one-time password via their mobile phone to securely and conveniently log into online banking, e-commerce websites, cloud-based applications and VPNs. Director of 4D Innovative Capital Erik van Vlaanderen says the need for two-factor authentication to counter the growing prevalence of identity theft worldwide is a rapidly growing market segment in the international security marketplace.
"We believe that FireID, both the company and its product, is positioning itself advantageously to capture a significant share of the global market and provide a healthy return to its shareholders. For these reasons, we feel the company is deserving of continued support to advance its product into the marketplace worldwide," says Van Vlaanderen.
"As the security of online transactions has become of paramount importance, this funding provides validation of the growth opportunities for FireID," said Jenny Dugmore, CEO of FireID. "These new resources will be instrumental in accelerating our rapid growth into new international markets and building upon our leadership position in mobile two-factor authentication solutions."
FireID's mobile solution won Frost & Sullivan's 2009 New Product Innovation Award, recognized for innovation, leveraging of leading-edge technologies, value-added benefits and features, increased customer value and customer acquisition/penetration potential.
Van Vlaanderen described Southern Africa, with its emerging nature, its demographics and the incredible growth in mobile technology among the lower to middle income groups, as an excellent test bed for new ideas and developing technologies, and said opportunities to invest in high-tech projects in Southern Africa are ever increasing.