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02/06/2007

TriCipher Receives $15 Million In Round C Funding

 

TriCipher, a leading provider of strong user authentication security solutions that protect the online channel against fraud and identity theft, recently announced the completion of a $15 million Series C funding round.

Led by RBC Technology Ventures, the oversubscribed up round includes existing investors Arrowpath Venture Partners, Intel Capital, Trident Capital, Wasatch Venture Fund, and Zions SBIC, a wholly-owned subsidiary of Zions Bank, as well as a debt facility provided by Comerica.  With 700 percent year-over-year revenue growth between 2005 and 2006, TriCipher is positioned to capture a major share of the strong authentication market. 

The investment will fund continued growth in TriCipher’s strong authentication product offerings and will advance the company’s product development initiatives, expand global sales and marketing activities, and diversify the company’s customer service offering.

“We’re extremely pleased that RBC Technology Ventures led this round of financing,” said John De Santis, TriCipher CEO and President.  “We have a very supportive and experienced group of venture capital investors that, along with RBC Technology Ventures, has a proven track record in investing in this sector and in helping to shape the IT security market landscape.  Today’s round of funding will enable TriCipher to leverage our patented technology beyond financial services and into sectors such as pharmaceutical, healthcare and online entertainment, where guarding online transactions is not only critical but essential to preventing large-scale revenue loss.”  

With the new round of funding, Kevin Talbot, Managing Partner at RBC Technology Ventures, will join TriCipher’s board of directors.  “As customers across the globe become more aware of the crippling effects of online fraud, TriCipher is uniquely positioned to provide a solution that is strong enough to meet future security needs yet prevents fraud and identity theft in the online channel now,” said Talbot. “TriCipher’s technology leadership could have an exceptional impact in a variety of markets and could change the way companies conduct business in the online channel.”

TriCipher’s banking, financial services, and insurance customers are quickly recognizing that traditional methods for establishing online identity, such as passwords, cookies, and tokens, are easily defeated by cyber criminals.  Stronger forms of authentication, such as smartcards and biometrics, however, are costly and difficult to implement.  TriCipher’s patented technology minimally impacts IT resources and application infrastructures while securing the online channel against evolving threats.

TriCipher, Inc. provides a unified authentication infrastructure to protect the B2B and B2C online channel against fraud and identity theft. The TriCipher Armored Credential System™ (TACS) is the first authentication system that enables companies to deploy and manage multiple types of credentials from a single infrastructure. Through this flexible “Authentication Ladder,” TriCipher protects customer investment by adjusting authentication strength to defeat new threats and to meet regulatory changes without the need to implement a new infrastructure. Founded in 2000, TriCipher is headquartered in Los Gatos, California.  The company is funded by RBC Technology Ventures, ArrowPath Venture Capital, Intel Capital, Trident Capital, and Wasatch Venture Fund. 

For more information, please visit www.tricipher.com