Presidio Identity Raises Additional Seed Funding to Bring Digital Identity Solutions to Market Company Adds Two Industry Luminaries to Advisory Board
Presidio Identity Raises Additional Seed Funding to Bring Digital Identity Solutions to Market; Existing investors join new lead investor Pelion Venture Partners in $3.5M Seed Plus round; Company Adds Two Industry Luminaries to Advisory Board.
- (1888PressRelease) September 29, 2021 - Presidio Identity Raises Additional Seed Funding to Bring Digital Identity Solutions to Market.
Existing investors join new lead investor Pelion Venture Partners in $3.5M Seed Plus round; Company Adds Two Industry Luminaries to Advisory Board.
Presidio Identity, a Digital Identity pioneer, today announced the closing of a $3.5 million second round of funding, bringing total investment in the company to $5 million. The Seed Plus round was led by Pelion Venture Partners and included participation by the company’s seed round investors. The company’s Digital Identity solutions eliminate account takeovers, identity theft, and identity fraud. The company will use the additional funding to build its sales and marketing efforts, as well as to expand product operations for its Digital Identity solutions.
“As the world rapidly becomes more digital, with remote access to services becoming universal, there has been a corresponding increase in cybersecurity threats. These new threats require new solutions to bring trust and security to consumers, digital interactions with banks, financial services firms, and other service providers,” said Presidio Identity founder and CEO Dennis Moore. “Our solution uses state-of-the-art encryption technology and industry standards to eliminate account takeovers and other forms of identity fraud that cost our economy tens of billions of dollars every year. Presidio Identity is proud to have such outstanding investors and advisors supporting us.”
Investors
Pelion Venture Partners led the Series Seed Plus round of investment in Presidio Identity. Pelion has decades of experience in early-stage investments in cybersecurity, FinTech, and enterprise technology, with portfolio companies including Cloudflare, Riverbed, Red Hat, and Divvy.
“Consumers, regulators, and banking and financial services firms are demanding solutions that improve cybersecurity and protect privacy,” said Matt Mosman, General Partner at Pelion Venture Partners. “Presidio Identity has the technology, leadership, and vision to bring an important new solution to counter cybercriminals, and to enable a future of secure digital transactions.” Mr. Mosman is joining the company’s board of directors along with Dennis Moore and an additional director to be elected in the future.
“Pelion Venture Partners was the right investor to lead our Seed Plus round,” said Dennis Moore. “The Pelion team are excellent early-stage investors and mentors to entrepreneurs, and deeply connected to our market and technology. We’re excited and deeply honored to have Matt Mosman and Pelion Venture Partners on our team.”
Advisory Board
To help bring the company’s vision to successful market adoption, Presidio Identity has established a Board of Advisors. Today the company announced the addition of two new members to its advisory board, Andrew Donarumo, Jr., and Charles Race.
Andrew Donarumo will advise the company on technology and cybersecurity. Mr. Donarumo is Chief Technology Officer of MedSec, where he manages MedSec’s development and implementation of the MedScan capability nationwide at hospitals, health systems, and other healthcare delivery organizations (HDOs). Mr. Donarumo has spent dozens of years tackling technology and security challenges, from strategic to tactical, and has held leadership roles in many high-profile companies, including Bloomberg, Bridgewater Associates and Dow Jones. ”Healthcare and Financial Services are two important and influential economic sectors where trust, privacy, and security are paramount to ensuring good outcomes,” said Andrew Donarumo, Jr. ”As an advisor to Presidio Identity, I look forward to participating in the growth of this visionary Digital Identity company.”
Charles Race will bring his wealth of experience in sales, services, partner ecosystems, and the identity market to Presidio Identity’s advisory board. As President, Worldwide Field Operations at Okta, Charles Race led worldwide sales, customer success and support, partner ecosystems, field marketing, professional services, and business operations at the world’s leading enterprise identity company. Prior to Okta, Charles spent 11 years in various leadership roles at Informatica, a leader in Cloud and on-premise data management and protection. Charles has also held a variety of leadership roles at Hummingbird, Phillips, and Rolls-Royce Industrial Power. “What attracted me to Presidio Identity is the company’s leadership, its culture, and its world-changing idea – protecting privacy while enabling secure Digital Identity at Web scale,” said Charles Race, advisor to Presidio Identity. “Digital Identity is an idea whose time has come, and Presidio Identity is bringing real innovation to this emerging market.”
“Andrew and Charles are great additions to our Advisory Board,” said Dennis Moore, CEO of Presidio Identity. “They each bring deep expertise to the company, which will be instrumental to our success.”
Digital Identity Early Access Program
The company also announced today the establishment of the Digital Identity Early Access Program, enabling visionary customers to go live with a Digital Identity initiative in as little as two months. Participants will incorporate Digital Identity into existing web and mobile applications, and will eliminate account takeovers, foil phishing attacks, and stop financial fraud with its “passwordless” authentication technology for customers. The company’s focus for this program is banking, FinTech, and financial services firms. The program will begin in early Q4 2021. For more information or to join the Digital Identity Early Access Program, contact MakeAnImpact ( @ ) PresidioIdentity dot com dot
About Presidio Identity
Presidio Identity is a pioneer in Digital Identity, enabling more secure, convenient, trusted, and private interactions between customers and their service providers, including banks, FinTechs, and other financial services firms. The company’s IDx, Auth, and Trust services eliminate account takeovers and other forms of identity-related fraud. For more information, please visit PresidioIdentity.com.
#Cybersecurity #Identity #Fraud #DataPrivacy #FIDO #Banking #FinTech #FinancialServices #Startup
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