January 27, 2009
TriCipher Secures 12 Million Funding From Venture Capital Firms
Internet security firm, TriCipher is making great headway in the online strong authentication and identity management industry. TriCipher has been winning contracts by all sorts of companies and organizations looking to simplify the security of their online applications. Many corporations have struggled with their online security shields broken through by either phishing, keystroke login, and pharming, causing them to find solutions for a strong authentication. The medical and healthcare industry has greatly benefited by TriCipher�s strong authentication solutions for their online applications. One pharmaceutical company has used TriCipher to provide a digital signature solution to protect its online information. With the use of MySignatureBook solution, companies have saved millions of dollars in having a simple digital signature that cannot be copied by intruders.
With TriCipher�s fast growth, the company has been attracting venture capital investors to fund continual growth and the development of new technologies.
Recently TriCipher has received $12 million in venture capital, because venture capital investors were attracted at TriCipher�s approach on budget cutting and doing more with less. This is already the fourth round of funding for TriCipher and continues to validate what TriCipher does.
In 2007, TriCipher has received $15 million in round C venture capital funding. This funding was provided by several venture capital firms. One of the major venture firms is RBC Technological Ventures. Other investment partners that are funding TriCipher are Intel Capital, Arrowpath Venture Capital, Trident Capital, Wasatch Venture Fund, and Zions Bank.
The rapid growth of TriCipher is attracting increasingly more venture capitalists and private investors.
According to Intel Capital, TriCipher�s innovations are attracting new clients who are looking for strong authentication solution that is difficult for cyber criminals to intrude, yet not as costly as biometrics. TriCipher is an innovative company providing solutions such as MySignatureBook and myOneLogin which employes the single sign-on technology for online applications. These solutions allow a company�s or nonprofit organization�s employees and clients to securely login with strong authentication of their credentials with just one login. The innovative way that myOneLogin works is that it seamlessly allows several online applications to work together allowing the client or employee to only login once.
Other examples of TriCipher�s rapid growth can be seen on Red Orbit, is that a prominent medical center is using TriCipher�s innovative technologies to protect sensitive patient health information. According to RedOrbit.com, the medical center uses its internet portal as their focal point for important information. The University of Pittsburgh uses its internet portal for communication between doctors and patients. TriCipher�s $6 billion project is to safeguard private patient information with TriCipher�s multifactor authentication approach.
In 2005, TriCipher has added $10.1 million in funding from Arrowpath Venture Capital, Trident Capital, Wasatch Venture Capital, and other major venture capital firms. In 2007, TriCipher has signed Latin America Master Distributer.
On the whole, TriCipher is a growing company that continues to attract venture capital funds.
One can easily see that TriCipher is constantly being awarded by different venture capital firms, some of them prominent ones.