Enterprise Partners Venture Capital, Rho Ventures, and Zions Bancorporation contributed to the series B round of funding.
San Francisco-based Identrus said it will use the money to expand its sales and distribution channels globally and sharpen its vertical focus on the pharmaceuticals, transportation, and government sectors. Identrus also said it will use some of the cash to expand its technical relationships. The company has recently announced alliances with IBM Corp, Adobe/Macromedia Inc, and RosettaNet.
Identrus was founded in 1999 by a consortium of financial institutions including ABN AMRO, Chase Manhattan, and Deutshe Bank to develop software for securing financial transactions on the web. Its software uses sophisticated cryptography algorithms to confirm online identity and manage e-commerce activities like binding contracts, performance and payment guarantees, and audit trails.
The company acquired digital signature technology in 2002 from Digital Signature Trust Company in 2002 and subsequently sharpened its focus on the financial sector. About 60 financial institutions worldwide now license Identrus’ digital certificate technology.
Identrus said its software system is unique in the market as the only interoperable and regulated provider of identity management solutions. The company has its eye on a slice of the identity management software market estimated by market research firm IDC to be worth $5bn by 2007.
