Cybersecurity software provider ID Experts announced late last week that it closed a $27.5 million round of equity funding. The firm, which specializes in delivering software and services for identity fraud protection and cyberbreach prevention, said it will use the new capital to enhance its suite of SaaS-based technologies.
“This investment validates the demand for technology and services that mitigates the risk of cyberbreaches and resulting identity fraud,” Bob Gregg, CEO of ID Experts, said in a press release. “Our new group of investors is extremely well-positioned to support ID Experts’ continued growth.”
The latest funding included participation from new investors Peloton Equity and Trident Capital Cybersecurity, as well as existing investors BlueCross BlueShield Venture Partners and Sandbox Advantage Fund.
ID Experts, which has been in business for over 10 years, has a MyIDCare identity protection solution that is used by over 3 million individuals in the U.S., the company said. It also confirmed that its identity recovery experts have a 100 percent success rate for identity recovery.
“Cyberthreats are a global problem, placing enormous challenges on companies that hold sensitive information,” Sean Cunningham, managing director at Trident Capital Cybersecurity, said. “The demand for solutions that ID Experts is developing will continue to increase. We’re anticipating an extraordinary collaboration with the company and our fellow investors.”
According to ID Experts, its new funding will also be used to help the company deliver solutions that help to combat the complex cybersecurity landscape, which continues to impact individual consumers, as well as health care, retail, education and government organizations.
“The health care industry is currently the most lucrative target for cyberattacks, as evidenced by the recent proliferation of health care entity breaches and hospital-focused ransomware attacks,” added Ted Lundberg, partner at Peloton Equity. “We are excited to partner with ID Experts to help such organizations lower their cyberrisks, handle an incident if it occurs and mitigate the damages.”