BehavioSec Secures 1MEUR Funding to Accelerate International Expansion
Conor Venture Partners and Partnerinvest Norr Investing in Behaviometric Security Solutions Provider
Luleå, Sweden and Espoo, Finland – May 10, 2011 – BehavioSec, a leading provider of behavior based identity theft prevention solutions, today announced that Conor Venture Partners and Partnerinvest Norr will invest in the company to accelerate its expansion into international markets and to better support and address the needs of its existing customer base. All previous investors including Lunova, PNF Venture Capital, Norrlandsfonden and Innovationsbron participated in the 1 million euro investment round.
“This funding round will enable us to accelerate our penetration to the market and to help our customers address the skyrocketing challenges they have with online fraud and identity theft.”, states Olov Renberg, CEO of BehavioSec. “Conor is an excellent fit as our new lead investor due to their expertise in security and internationalization of companies.”
Online fraud and identity theft are becoming major threat to the success of online services and especially ecommerce and payment processing. BehavioSec offers solutions which can be used as a tool in multi-factor authentication, verification and forensic analysis with a low-cost footprint and a transparent user experience for the end user.
“Conor recognizes the identification and fraud challenges the extreme growth pace of the ecommerce brings to the players”, comments Sami Ahvenniemi, Partner with Conor Venture Partners and newly elect board member at BehavioSec. “We came across BehavioSec while researching ecommerce ecosystem companies in the Nordic region and noted their technical lead in identifying and separating valid users from fraudsters. We are excited to work with the BehavioSec team in further productizing and taking this technology to international markets.”
BehavioSec solution creates a unique digital fingerprint of each end-user’s behavior. These fingerprints are utilized in continuous identification and verification of the users’ identities while the users are on their computer or accessing sensitive online services such as online stores. BehavioSec adds a new invisible layer of security that prevents fraud and identity theft in real-time.
For more information:
Olov Renberg, CEO/BehavioSec
Mobile +46 702 02 55 24
Sami Ahvenniemi, Partner/Conor Venture Partners Oy
Mobile +358 40 560 2734
BehavioSec is a behavioural biometric company. Their security solution is used for detecting anomalies in keyboard/mouse or environmental behaviour to help preventing fraud, information theft and stopping intrusions while they are happening. The products are based on research by students at Luleå Technical University, and the company was founded in 2007. The present clients are in the financial and payment system sectors. The business idea has generated interest at several events within information security and biometrics and has previously been selected as one of the ten most innovative security companies in the world.
For more information, please visit www.behaviosec.com
About Conor Venture Partners Oy
Conor Venture Partners is a leading early-stage technology VC investing in Finland, Sweden and the Baltics. With 70 million euros under management Conor invests in disruptive technologies in ICT, embedded systems, electronics, new materials and optics. The Conor portfolio includes companies such as Aito Technologies, Neo Technology, Imbera Electronics and Supponor Systems.
For more information, please visit www.conor.vc
Press release available Conor Venture Partner Investment (PDF)