Internet Security Developer gets Injection of Funds

Published Wed, 2006-05-10 12:37 Software

The 41st Parameter, a pioneer in covert fraud detection and prevention for the online channel, has secured $11.2 million in Series B funding. New investor Kleiner Perkins Caufield & Byers (KPCB) – with a portfolio that includes Google, Intuit, Sun, Amazon and others – led the round with additional capital from Series A lead investor Norwest Venture Partners (NVP). The 41st Parameter will use the funding to expand its direct sales and marketing efforts, to build out its core fraud detection and prevention platform for eCommerce, online banking and new segments, and for new product development.

The 41st Parameter helps online businesses detect, contain and prevent online threats with a combination of patent-pending technologies and risk management consulting. The Company’s invisible approach to online security delivers unprecedented detection accuracy rates and fewer false positives, helping to secure online business without compromising the customer experience.

“This injection of funds will give us the ability to realize our mission of making fraud history,” said Ori Eisen, founder and CEO of The 41st Parameter. “As the regulatory environment heats up and businesses look for fast and simple solutions, this round of funding will help us meet pent up demand in the banking and eCommerce segments. It also helps position us for expansion into additional industries where online fraud is eroding revenues and consumer confidence in the channel.”

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