Strategic Cyber Ventures, the industry's first cyber-led growth fund, today announced it has made a $3 million investment in DC-based ID DataWeb, a provider of cloud broker services for identity security. This new funding round brings the company's total funding to-date to $5 million and Tom Kellermann, CEO of Strategic Cyber Ventures, will join ID DataWeb's Board.
ID DataWeb was founded in 2011 and is headquartered in Northern Virginia. ID DataWeb's Attribute eXchange Network (AXN) provides dynamic identity verification services globally, supporting customers in 35 countries with plans to grow to sixty by the end of 2017. Using a variety of methods and attribute services, ID DataWeb's customers are able to improve online identity security and privacy using the Attribute Exchange Network. The AXN cloud broker service provides agility, scalability and cost efficiencies to enable real-time identity proofing, multifactor authentication and enhanced privacy for constituents within and between industry ecosystems.
'Credential theft has become a pandemic. Authentication has long been the Achilles heel of cybersecurity. Our investment in ID DataWeb advances American cybersecurity because its technology solves the world's digital identity security problem. Dynamic identity verification is the future of the Web 4.0. This investment ensures the safety of American digital identities,' said Tom Kellermann, CEO of Strategic Cyber Ventures.
This new funding will be used to support ID DataWeb's growing engineering and technology development teams, support future platform offerings and expand the sales team in new markets. It will also be used to expand sales and marketing efforts and hire additional talent in 2017. Strategic Cyber Ventures has made two other investments in E8 Security and TrapX Security, since launching in April of 2016.
'Identity is recognized as the new defense perimeter for online transactions. Our partnership with Strategic Cyber Ventures will be instrumental in enhancing security, privacy, convenience and savings for customers of ID DataWeb's cloud broker services,' said David Coxe, CEO of ID DataWeb.
About Strategic Cyber Ventures
Headquartered in Washington, D.C. and founded in February 2016 by a team of knowledgeable cyber operators, Strategic Cyber Ventures (SCV) invests in cybersecurity companies that disrupt advanced cyber adversaries and revolutionize the cyber product marketplace. The team at SCV has very deep roots in both U.S. government and the domestic and international business communities. SCV's mission is to advance cybersecurity through expert investment in synergistic teams and technologies that can solve the world's security problems. If you'd like to learn more about SCV, please visit: https://scvgroup.net
About ID DataWeb
ID DataWeb is a trusted identity verification cloud-service which improves user privacy, security and user experience. This service is being used by several key industry segments including; Department of Defense, Financial, Technology, Healthcare and Entertainment. ID DataWeb (IDW) uses standards-based personal security and proven identity verification processes combined with a unique business model to create an identity ecosystem that improves online trust and supports revenue growth across ecosystem constituents. The company's Attribute eXchange Network (AXN) is an online Internet-scale gateway for Relying Parties (RPs) to efficiently and affordably access user-asserted, permissioned and verified online identity credentials and attributes from third-party providers (Attribute Providers (APs) and/or Identity Providers (IdPs). The IDW AXN business model stimulates market participation through a mechanism for efficiently servicing and monetizing existing and new business online markets that are currently underserved by the online identity ecosystem. To learn more, please visit: http://iddataweb.com