|One of the world’s largest venture capital firms, Intel Capital, has announced a ten million dollar investment in American online security and fraud protection service provider Iovation.|
The boost is part of $15 million in funding being led by Intel Capital, the investment arm of the California computer giant, to accelerate the development and delivery of Iovation’s next-generation fraud and abuse management solutions while also broadening its intellectual property portfolio.
'The importance of security and fraud protection on the Internet cannot be over valued,' said Arvind Sodhani, President for Intel Capital.
'This market segment must stay one step ahead of business needs and our investment should go a long way toward helping Iovation provide meaningful online security benefits.'
Oregon-based company Iovation provides the first device reputation service aimed at protecting business on the Internet and its real-time service prevents online fraud including charge-backs, identity theft, phishing and click fraud. The Portland-based firm also provides online services to prevent child predation, stealing or cheating, posting unwanted content and chat abuse.
'We are thrilled to have Intel Capital as an investor and share their vision that device reputation will become the trust infrastructure for the Internet, transforming the way businesses and consumers interact online,' said Greg Pierson, Chief Executive Officer for Iovation.
'Intel's tremendous brand lends credibility and their global network and expertise will create real growth opportunities.'
Iovation stated that its technology has been deployed for six years in likely environments for online fraud and abusive behaviour including financial services, social networking, e-commerce and online gaming.