“Cybercrime prevention” company ThreatMetrix has raised an $18 million fourth round of funding led by August Capital.
ThreatMetrix sells a suite of security products it calls the Cybercrime Defender Platform. The tools include a device identification feature, a product to protect a company’s cloud from malware, a mobile malware protector, and more. These tools, which came out of the company’s acquisition of security software company TrustDefender in December 2011. have allowed the company to pivot from authenticating and protecting online purchases to serving the “bring your own device” trend, where corporate employees use their own devices for work and IT has to find a way to keep them secure.
A number of companies have come out with BYOD security solutions to date. For example, IBM has its “Hosted Mobile Device Security Management,” that was created after the company bought Worklight. Investors seem particularly interested in ThreatMetrix because of its fast growth. In 2011, the company grew 300 percent in comparison to 2010, and it currently serves 5,000 websites. New hires have also increased 20 percent since 2010.
According to ThreatMetrix chief executive Reed Taussig, the company will spend its $18 million on expanding internationally. Thus far, 40 percent of its customers are from outside the United States, with European customers dominating the pool. The company wants to focus on financial services and e-commerce and enable enterprise employees to work remotely.
The company received a $12.1 million third round of funding in 2010. In total, ThreatMetrix has raised around $42.1. Investors include US Venture Partners, August Capital, Tenaya Capital, and CM Capital. The company recently moved its headquarters to San Jose, Calif.