News Releases
ID Analytics Secures $20 Million in Series C Financing To Fuel New Product Development and Market Expansion
SAN DIEGO, CA, May 16, 2007 — 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 AnalyticsSM and ID Network®, and expands its Identity Risk Management solutions to new customers and markets."
Using ID Analytics ID Network™, 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."
About Investor Growth Capital
Investor Growth Capital (IGC) is the wholly-owned venture capital arm of Investor AB, a publicly traded industrial holding company, listed on the Stockholm Exchange with a market capitalization of $20 billion. Investor Growth Capital was formed in the mid-1990s to invest in high quality, growth oriented companies, primarily in the IT and Healthcare industries. Today its 30 investment professionals are developing a portfolio with a current value of close to USD 1 billion from offices located in New York, Menlo Park, Stockholm, Hong Kong, Tokyo and Beijing. Investor AB is a leading shareholder in a number of European multinational corporations, including Astra Zeneca, Ericsson, Atlas Copco and SEB. For almost a century Investor AB's business philosophy has been to generate attractive long-term returns by investing in companies with solid potential for value creation and applying experience, knowledge and network to make them best-in-class. IGC shares that approach and benefits from Investor AB's extensive global network of companies and senior managers. Read more on: www.investorgrowthcapital.com
About ID Analytics, Inc.
ID Analytics, Inc., the Identity Risk Management company, owns and operates the ID Network, the nation's only real-time, cross-industry source for indentity information. ID Analytics' clients, which are also ID Network Members, span the financial services, telecommunications, e-commerce, healthcare, utility, retail, government, and consumer sectors. With an exclusive focus on stopping identity fraud, ID Analytics has built proprietary pattern recognition technology within the ID Network to find suspicious behavior patterns across multiple organizations and industries. As a result, ID Network Members lead their industries in preventing identity fraud, protecting consumers, and improving the consumer experience. ID Analytics is headquartered in San Diego, Calif.
ID Analytics is a registered trademark of ID Analytics, Inc. All other trademarks and registered trademarks are the property of their respective holders.