NEA Announces Investment in WholeSecurity; Company Addressing Serious Problem of Online Identity
Theft Jump to first matched term MENLO PARK, Calif.–(BUSINESS WIRE)–March 24, 2003–New Enterprise Associates (NEA) today announced that it will invest $3.4 million of an $8 million financing in WholeSecurity, an Austin, Texas-based security company.
WholeSecurity is the first to introduce an automatic, behavioral-based software system to prevent Online Identity Theft. Proceeds from this financing will be used primarily for product launch and market acceleration. WholeSecurity will launch their solution for Online Identity Theft at PC Forum.
“WholeSecurity’s cutting-edge technology offers a promising solution to protect customers from online identity theft,” said Jimmy Treybig, NEA Venture Partner and WholeSecurity board member. “WholeSecurity addresses a huge market at a time when online purchases are on the rise. They are the first to deliver a viable solution to what is a highly sensitive and problematic issue. This is an exciting and compelling venture led by some of the leading industry experts.”
According to the Federal Trade Commission, identity theft is the fastest growing crime, with Internet-related incidents accounting for two-thirds of all complaints. Although identity theft is not a new problem, savvy criminals are working around SSL encryption and have found new ways to steal identities at the point of input. WholeSecurity has developed a patent-pending solution to solve the Online Identity Theft problem by extending the SSL model – automatic, seamless protection, without downloads or upgrades – to the point of input. WholeSecurity’s Confidence Online software will provide a secure, safe experience during any online transaction or data exchange to protect against criminals’ new weapons – eavesdropping software and Trojan horse attacks.
“We are eager to launch WholeSecurity and its innovative technology at PC Forum,” said Pete Selda, CEO of WholeSecurity. “We have been working diligently to develop a solution for online identity theft and are anxious to introduce the first behavioral-based software to prevent such theft. With the backing of NEA and the participation of industry gurus such as Jimmy Treybig and Arno Penzias of NEA, we are poised to offer our solution to consumers.”
WholeSecurity is the only company that delivers on-demand protection against Online Identity Theft from users’ computers anytime, anywhere. WholeSecurity’s patent-pending Confidence Online software is an automatic solution that detects and prevents identity theft behavior without requiring users to install or update protection. If a threat, such as a Trojan horse, is found by Confidence Online, it is terminated before personal or corporate information can be stolen. For additional information, visit www.wholesecurity.com.
New Enterprise Associates (NEA) is a leading venture capital firm investing in information technology and healthcare companies. Practicing classic venture capital for 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $5 billion under management, NEA’s experienced management team has invested in over 500 companies, of which more than 135 have gone public and more than 150 have been acquired. NEA has offices in Menlo Park, California; Reston, Virginia and Baltimore, Maryland. For additional information, visit www.nea.com.