Iovation, a fraud prevention firm, caps off first round at $15M
Iovation, a Portland, Ore., company that aims to track and prevent online fraudsters, has closed off its first round of funding at $15 million.
The basic idea behind Iovation’s product is keeping track of millions of computers to pinpoint the few that are used for fraudulent activities, a scheme the company calls “device reputation fraud management.” Iovation sells its software to online retailers, banks, social networking sites and others.
Of the funding, $10 million was closed last November, provided by Intel Capital. The additional $5 million came from SAP Ventures and European Founders Fund.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.