Printer Friendly

Guard ID Systems Raises $11 Million in New Financing to Expand Operations.

Prism VentureWorks Leads Round; Jim Counihan and Michael Stanfield Join Board

SAN MATEO, Calif. -- Guard ID Systems, Inc., the developer of the first Internet security solution that combines hardware and software services to protect consumers against online identity theft and fraud, today announced it has completed its Series B financing, raising $11 million. The financing was lead by new investor Prism VentureWorks, with new investor Intersections, Inc. (NASDAQ:INTX) and existing investor Trinity Ventures also participating in the round.

"Guard ID Systems has defined the online identity theft protection market with ID Vault's unique approach of combining secure credential storage hardware with software services," said Jim Counihan, managing partner with Prism VentureWorks. "Anyone who conducts financial transactions online is vulnerable to online identity theft and fraud, and Guard ID Systems has the right solution to make it safe for consumers to bank and shop online."

"Identity theft is growing fastest online, and the millions of consumers who turn to the Internet to bank and shop are beginning to understand that traditional Internet security solutions aren't keeping pace with today's sophisticated online identity theft schemes," said David Watkins, president and CEO of Guard ID Systems, Inc. "Our significant growth indicates that our ID Vault service has been embraced by consumers. The additional capital will allow us to dramatically broaden the reach of our online identity theft solutions, and will be used to expand our operations, including technology development, business development initiatives and intensified sales and marketing activities."

In connection with the Series B investment, Prism managing partner Jim Counihan and Intersections CEO Michael Stanfield will join the Guard ID Systems board of directors.

The ID Vault[R] Internet security service is designed specifically to prevent online identity theft and fraud. The ID Vault service monitors a "white list" of more than 8,000 financial and shopping sites, and verifies the IP addresses and sign-in protocols of these sites in order to protect consumers from signing in to fraudulent imposter sites designed to steal online identities. The tamper-proof ID Vault smart card-based USB device provides secure, portable storage of usernames and passwords. ID Vault automatically signs consumers into their online accounts without typing, so they're protected against keystroke loggers and other spyware.

About Guard ID Systems

Guard ID Systems, Inc., headquartered in San Mateo, CA, develops and markets ID Vault, the first Internet security solution that combines hardware with software services to protect consumers against online identity theft and fraud when they bank, shop and invest online. ID Vault is available at top retailers including, Best Buy,, Costco, Fry's Electronics, QVC, TigerDirect, and more. Visit for more information.

About Prism VentureWorks

Prism VentureWorks is an early-stage venture capital firm focused on disruptive segments in the Digital Media, Software & Services and Life Sciences sectors. The firm represents a committed team of early-stage investors whose industry operating heritage and domain depth make them valued partners among entrepreneurs and syndicates in building successful businesses.

Founded in 1996, the firm has approximately $1.25 billion in capital under management with offices in Needham, MA and Venice, CA. For more information, visit

About Intersections

Intersections, Inc. (NASDAQ:INTX) is a leading global provider of consumer and corporate identity risk management services. Its premier identity theft, privacy, and consumer solutions are designed to provide high value, revenue generating opportunities to its marketing partners, including leading financial institutions, Fortune 100 corporations and other businesses. Intersections also markets full identity theft protection solutions under its brand, IDENTITY GUARD[R]. Intersections' consumer identity theft protection services actively safeguard more than 8 million consumers against identity theft.

To address the growing threat of corporate fraud, Intersections and its subsidiaries provide cutting edge identity risk management solutions including:

* Pre-employment background screening, provided domestically through American Background Information Services, Inc., and internationally through Control Risks Screening Limited (London, United Kingdom) and Control Risks Screening PE (Singapore).

* Corporate brand protection, provided by Net Enforcers, Inc.

* Security breach remediation, provided by Intersections to enable companies to respond to security incidents and mitigate potential damage to their employees, customers, and corporate brands.

* Software and data management, provided by Captira Analytical, LLC, to assist the bail bond industry in managing workflow and data requirements.

Learn more at

About Trinity Ventures

Trinity Ventures, a 22-year veteran in the venture business with more than $1 billion under management, partners with exceptional entrepreneurs to build great companies. Trinity Ventures focuses on early-stage technology investment opportunities with a particular emphasis on the Digital Media, Internet Services, Mobility, Security and Software markets. Trinity has invested in well over 100 ventures, including such leading companies as Aruba Networks (NASDAQ:ARUN), Blue Nile (NASDAQ:NILE), Crescendo Communications (acquired by Cisco:CSCO), Extreme Networks (NASDAQ:EXTR), Forte Software (acquired by Sun Microsystems:SUNW), Illustra (acquired by Informix, now part of International Business Machines:IBM), LoopNet (NASDAQ:LOOP), PhotoBucket (acquired by News Corporation:NWS), Speedera Networks (acquired by Akamai Technologies:AKAM), Starbucks (NASDAQ:SBUX), and Sygate Technologies (acquired by Symantec:SYMC). For more information, visit

ID Vault[R] is a registered trademark of Guard ID Systems, Inc. IDENTITY GUARD[R] is a registered trademark of Intersections, Inc.
COPYRIGHT 2008 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Sep 10, 2008
Previous Article:Sympac Launches International M2M Service With Worldwide SIM.
Next Article:Oculus Innovative Sciences to Present at the Merriman Curhan Ford 5th Annual Investor Summit on September 15.

Related Articles
Related provided $900 million of debt & equity in 2000.
In search of capital; Xcellerex raises $11M in financing.
Major housing bill nears passage.
Wastewater commission weighs an increase in metro sewer rates.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters