ArrowPath Venture Capital, Trident Capital, and Wasatch Venture Capital
Participate in Round
SAN FRANCISCO, RSA Conference 2005 (Booth #1504), Feb. 15 /PRNewswire/ --
TriCipher, Inc., the innovator of strong authentication for the real world,
today announced it has secured $10.1 million in second round equity financing
from ArrowPath Venture Capital, Trident Capital, Wasatch Venture Capital and
other strategic investors. In addition, Rick Friedman, partner, ArrowPath
Venture Capital, Peter Meekin, managing director, Trident Capital and Nick
Efstratis, partner, Wasatch Venture Capital will join TriCipher's board of
directors.
"As someone who spent a large part of my career being responsible for
enterprise security, I can attest to the difficulty of deploying aging legacy
strong authentication solutions," said TriCipher founder and CEO Ravi Ganesan.
"Phishing, insider crime and regulations have raised the heat on enterprises
to act, and now we've helped remove the obstacles preventing enterprises from
the wide scale deployment of strong authentication."
TriCipher, which until recently operated as part of a leading Japanese
technology company, Nippon Systems Development (NSD), raised the capital
primarily to finance establishing the company's product and sales operations
in the US and European markets; NSD will continue to service the Japanese
market. The Company's TriCipher Armored Credential System(TM) (TACS) has
been selected and deployed by leading financial services, healthcare companies
and governments in the US and Europe to combat the problems of phishing and
theft of password files. TriCipher technology is based on ten patents under
exclusive license from Verizon(R) Communications, and its TACS system is the
world's first authentication system that maintains very high levels of
assurance while directly addressing the ease of use and deployability concerns
which have held back strong authentication products in the past.
"We see a big gap in the market between password systems that are too weak
and 2-Factor systems that are too expensive and too hard to use. The
TriCipher approach fills that gap, making strong security work in real-world
settings," added Peter Meekin, managing director, Trident Capital. "We
believe this technology will become the new baseline for authentication
security."
About TriCipher, Inc.
TriCipher, Inc. provides strong authentication for the real world. The
first authentication system that issues multiple types of credentials from a
single infrastructure, the TriCipher Armored Credential System(TM) (TACS)
allows for authentication strength to change in response to new threats
without any infrastructure changes. Our patented technology fills the gap
between authentication systems that are either not secure enough or too hard
to use and deploy. TriCipher's innovative approach to strong multi-factor
authentication protects against phishing and eliminates dictionary attacks.
Founded in 2000, TriCipher is headquartered in San Mateo, California. The
Company was incubated as NSD Security before launching as a separate entity in
2005. Investors in TriCipher are ArrowPath Venture Capital, Intel(R) Capital,
Trident Ventures and Wasatch Venture Partners. For more information, please
visit http://www.tricipher.com or email info@tricipher.com.
About ArrowPath Venture Capital
ArrowPath is a unique, $400 million early stage venture capital firm
located in Menlo Park, California. ArrowPath selectively invests in
information technology companies that have differentiated product offerings
and prospects for market leadership over time. Areas of investment include
enterprise software, network security, data and storage networking, vertical
applications, web services and other data-center and application software
technologies. For additional information, visit http://www.arrowpathvc.com
About Trident Capital
Trident Capital is a leading venture firm with over $1.2 billion of
capital under management. Since its founding in 1993, Trident has invested in
more than 100 companies in the information services and enterprise software
sectors. Mobile applications and infrastructure software have long been a core
investment focus of Trident with past investments in American Cellular,
ByteMobile, CSG Systems, Evolving Systems, Mapquest and Questra. Trident is an
active investor across multiple stages, with experience in both traditional
venture capital growth financing as well as in management buyouts and
corporate spin-outs. The firm has offices in Palo Alto, CA; Lake Forest, IL;
Los Angeles, CA; and Westport, CT. For more information, go to
http://www.tridentcapital.com.
About Wasatch Venture Capital
Wasatch Venture Capital, a Draper Fisher Jurvetson affiliate, is a Salt
Lake City based venture capital firm, specializing in early-stage, information
technology investments. In addition to Utah, Wasatch maintains offices in
Tempe, Arizona and San Mateo, California. Since the Fund's inception in 1994
by Zions Bank, Wasatch has focused exclusively on working with driven
entrepreneurs to build successful technology companies.
NOTE: TriCipher, Armored Credential, and Armored Credential Appliance are
either registered trademarks or trademarks of TriCipher, Inc. in the United
States and/or other countries. All other products and services mentioned are
trademarks of their respective companies.
SOURCE TriCipher, Inc.
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Related links:
http://www.tricipher.com
CONTACT:
Elizabeth Safran of Trainer Communications,
+1-408-920-0585, or elizabeth@trainercomm.com, for TriCipher,
Inc.; or Sally Sheward of TriCipher, Inc., sally@tricipher.com
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