Ravi Ganesan founded TriCipher raises $10.1 M

By siliconindia   |   Wednesday, 16 February 2005, 08:00 Hrs
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SAN FRANCISCO,CA: TriCipher, Inc., the makers of strong authentication for the real world, today announced it has secured $10.1 million in round B equity financing from ArrowPath Venture Capital, Trident Capital, Wasatch Venture Capital and other strategic investors. In addition, Rick Friedman, partner, ArrowPath Ventures, 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 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 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.

“ 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.”

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