Oslo, Norway, 16th February 2009 – Encap today announced it has received Series A funding from Alliance Venture, a leading Norwegian venture capital firm. Alliance Venture invests in privately held, early stage technology companies. The funds will be used primarily for business development as well as product innovation.
Alliance Venture’s key criteria for investing in Encap can be summarised as:
- Strong core technology protected by patents
- Big, global opportunity for a compelling product
- Attractive and scalable business model with recurring revenues
“Encap will lead a revolution in the authentication market. Replacing hardware authentication devices with cloud-based software linked to the user’s device is incredibly disruptive,” said Arne Tonning, Partner at Alliance Venture. “With a total addressable market reaching $5 billion USD by 2015 according to Forrester, Encap has an enormous opportunity.”
“We wanted an investor that brought strong strategic value in addition to capital,” said Petter Taugbøl, CEO of Encap. “We found that partnership and value with Alliance Venture.”
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Encap provides simple software-based, two-factor authentication and digital signing for the enterprise and banking sectors.
Encap represents a revolutionary new approach to authentication for the post-PC era. It replaces hardware and one time password authentication solutions such as tokens, card readers, SIMs and SMS with a mobile client linked to a smart device. Easy, quick and convenient for users, Encap creates a familiar, intuitive authentication process that works across all platforms – PC, mobile or tablet – and via the cloud.
Encap’s unique patented software delivers a ubiquitous security solution that is scalable, easy to integrate and requires no capital investment.
Based in Oslo, Norway, Encap’s world class management team has an unrivalled pedigree in mobile banking, finance, enterprise and remote access security. The Encap solution is approved by the Norwegian Banks’ Standardisation Office and used by major banking institutions, enterprises and technology integrators.
For more information visit: www.encapsecurity.com
About Alliance Venture
Alliance Venture is a venture capital firm managing venture funds investing in privately held, early stage technology companies. Total funds under management is 430 MNOK (about $ 75 million)
Alliance Venture was formed in 2001 by a team of experienced executives, with a good balance between operations and business, applied research, entrepreneurial and financial background that enables efficient investment evaluations and active follow-up. This is supported by a network of strategic alliances, who can contribute with know-how, deal flow, due-diligence, co-investments and partnerships with the portfolio companies.
Contact for Press:
Daniel Lowther / Sarah Wilson
T: +44 7747 636 687 / +44 7817 630794