U.S. Venture Partners Invests in Provider of Web Session Security Software
NEW YORK, October 21, 2008 – Trusteer, the customer protection company for online businesses, today announced that it has raised $6 million in a Series B round of venture capital financing. The round was led by U.S. Venture Partners (USVP). The company also announced that Steve Krausz, general partner for U.S. Venture Partners, has joined Trusteer’s Board of Directors.
Trusteer has developed software that protects online banking, brokerage, healthcare and retail applications from fraud even if a user’s computer is infected with malware. Several financial services firms, including ING Direct bank and online brokerage Muriel Siebert, have made Trusteer’s Rapport product available to their customers through a free download from their web sites. Trusteer will use the funds for research and development, to add support for additional platforms, expand its fraud analyst teams to serve new customers, and for sales and marketing.
“Securing venture capital financing in these uncertain economic times is a testament to the strength of our technology, management team, and market opportunity,” said Mickey Boodaei, CEO of Trusteer. “The Rapport product is gaining a lot of attention and traction in the financial services market, in spite of the current conditions. This is very encouraging.”
“The Internet, which is an extremely valuable customer service and sales channel, especially for consumer facing companies, is being threatened by crimeware,” said Steve Krausz, general partner for USVP. “Trusteer has developed a sophisticated solution that insulates web sessions from malware. The market opportunity for this technology is significant, and spans financial services, retail, and healthcare. The prospects for Trusteer are very bright.”
About Trusteer
Trusteer enables online businesses to establish a secure communication tunnel with their customers over the Internet that stretches from user’s keyboard into the company’s website. Trusteer’s flagship product, Rapport, allows online banks, brokerages, retailers, and healthcare organizations to protect their customers from identity theft and financial fraud. Unlike conventional approaches to Web security, Rapport protects users’ confidential information even if their computer is infected with malware including Trojans and keyloggers, or is victimized by pharming, phishing attacks. Trusteer is a privately held corporation led by former executives from Cyota/RSA Security, Imperva, and NetScreen/Juniper. For more information visit www.trusteer.com.
About USVP
U.S. Venture Partners (USVP) is a leading Silicon Valley-based venture capital firm, dedicated to helping entrepreneurs build world-class companies that are leaders in their industry. Since 1981, when it was founded, USVP has raised ten venture capital funds and invested in more than 350 early stage companies. USVP focuses on early stage opportunities in sectors where the Partners have the domain expertise, operating experience and network of relationships to provide meaningful contribution to the success of the enterprise. For more information, visit www.usvp.com.
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