GuardID Systems receives $5m financing from Trinity Ventures
GuardID Systems, a leader in anti-phishing and pharming solutions that protect consumers against online identity theft and online fraud, announced today that the company has secured $5 million in a first round capital funding from Trinity Ventures out of Menlo Park, California.
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"We are excited about GuardID Systems because their innovative ID Vault product lets consumers take control of protecting themselves from identity theft before it happens," said Ajay Chopra, venture partner at Trinity Ventures. "Internet security is a rapidly growing threat and GuardID is offering a unique solution that looks at this problem from the consumer side rather than the financial institution side as with other available solutions".
"Trinity's knowledge of the security industry and their commitment to GuardID -- with a focus on building a world class company -- makes them an ideal partner and we are looking forward to working together with them," said Jerry Thompson, CEO of GuardID Systems. "We are thrilled about this investment and the addition of Ajay Chopra and Tim McAdam to our board joining Gordon Eubanks, Bill Loesch and myself."
GuardID's ID Vault allows consumers to store all of their usernames and passwords on a secure, portable USB smart card, and access them with a single PIN. In addition to solving the password problem, ID Vault provides users with an advanced anti-pharming/anti-phishing service that authenticates thousands of financial institution websites using a "whitelist approach" - thereby protecting the users from identity theft.