ThreatMetrix, a provider of technologies to help organizations detect and block cybercrime, today announced that it has closed a $20 million Series E round of financing.
The funding round was led by Adams Street Partners, with previous investors also participating, and comes exactly to years to-the-date that the company announced an $18 million Series D round led by August Capital. In October 2010, the company raised $12.1 million in a Series C founding round.
In total, the company has raised $64 million in venture capital financing, the company told SecurityWeek.
The core technology from ThreatMetrix is a software-as-a-service (SaaS) solution that profiles devices being used in an online transaction to help companies determine whether the users are fraudsters or legit customers. The company’s device profiling technology goes beyond browser fingerprinting to identify the device, bypass proxies and detect the use of botnets.
In May 2013, the company launched the ThreatMetrix Global Trust Intelligence Network, a repository of information that organizations can use to screen prior transactions and site visitors, as well as to authenticate customers and remote employees.
“This financing will enable us to expand the depth and breadth of The Network, grow our customer base and continuously build new capabilities into the TrustDefender Cybercrime Protection Platform to protect against rapidly evolving cyber threats,” said Reed Taussig, president and CEO, ThreatMetrix.
According to Taussig, the company will use the additional financing to continue its global expansion in context-based security and fraud prevention. Specifically, the financing will help ThreatMetrix expand the reach of its network, build new capabilities in the TrustDefender platform, increase its mobile offerings and expand into new markets.
The TrustDefender platform currently analyzes more than 500 million transactions each month and protects over 160 million active user accounts across 2,500 customers and 10,000 websites, ThreatMetrix said.
In 2014, the company is hoping to make significant inroads into the traditional enterprise security market and help organizations incorporate fraud prevention tools to protect access to business applications.
In December 2011, ThreatMetrix acquired TrustDefender, an Australian-based company that offers “secure browsing technology” designed to protect against malware and stop attacks including man-in-the-browser (MitB) attacks.
“The cybersecurity industry will only continue to grow in the coming years and ThreatMetrix offers comprehensive technology to protect against evolving risks,” said Dave Welsh, Partner, Adams Street Partners and former chief strategy officer at McAfee. “Given its already strong base of more than 2,500 customers, we are confident that this financing will position ThreatMetrix for further growth and success across industries and geographies.”
As part of the financing round, Welsh will become a member of the ThreatMetrix board of directors.
