Virginia cybersecurity startup ID DataWeb has picked up a $3 million investment from Washington, D.C.-based Strategic Cyber Ventures.
ID DataWeb is an identity security software startup, which offers clients its Attribute eXchange Network, or AXN, as a platform to ensure only the people who should access data can do so. Founded six years ago, the startup's technology is already in use by government agencies and private companies in 35 countries.
"We offer services for identity security, it's identity as a service," ID DataWeb CEO David Coxe told DC Inno in an interview. "It's an adaptive, intelligent identification control."
ID DataWeb connected with Strategic Cyber Ventures last year just as the growth fund was looking to make its third investment. Identity security fit exactly in with the Strategic Cyber's plans, and the deal went forward from there. The new money brings ID DataWeb's total raised to $5 million.
"There's a significant problem in the cybersecurity domain and that is credential theft," Strategic Cyber Venturs CEO Tim Kellerman told DC Inno in an interview. "The first thing hackers do is compromise credentials. It's an Achilles Heel and what [AXN] does is protect it."
"The first thing hackers do is compromise credentials."
The way the data is secured can vary depending on the client. Identifying the device used, or using different kinds of biometrics to make sure the user is who they claim. The tests used can adapt to make it harder or easier to login based on other factors, for instance adding new tests if there appears to be any uncertainty in confirming the user at first.
"Controlling access to sensitive resources makes sense to anyone," Coxe said. "The new funding will get us into expanding verticals like aerospace, supply chains, information services and healthcare."
This is the second local cybersecurity funding just this week, suggesting that the boom in funding we noted last year is continuing on into 2017. With so many high profile incidents increasing awareness of the dangers identity theft, companies like ID DataWeb will only draw more potential clients.
"The beauty in what Dave has built is that whether a transaction moves national secrets or moves lots of money, it can verify users and and save a network from being compromised."
Credit: U.S. Marine Corps
