SAN FRANCISCO - eTradeWire -- Presidio Identity, a Digital Identity pioneer, today announced a $3.5 million round of funding led by Pelion Venture Partners, bringing total investment in the company to $5 million. The company's Digital Identity solutions eliminate identity fraud. The company will use the additional funding to build its sales and marketing efforts and to expand product operations for its solutions.

"As the world rapidly becomes more digital, there has been a corresponding increase in cybersecurity threats, requiring new solutions to bring trust and security to consumers and digital service providers," said Presidio Identity founder and CEO Dennis Moore. "Our solutions use state-of-the-art encryption technology to eliminate account takeovers and other forms of identity fraud that cost our economy tens of billions of dollars every year."

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Investors

Pelion Venture Partners led the Seed Plus round of investment in Presidio Identity. Pelion has decades of experience in early-stage investments in cybersecurity, FinTech, and enterprise technology, with portfolio companies including Cloudflare, Riverbed, Red Hat, and Divvy.

"Consumers, regulators, and banking and financial services firms are demanding solutions that improve cybersecurity and protect privacy," said Matt Mosman, General Partner at Pelion Venture Partners. "Presidio Identity has the technology, leadership, and vision to bring an important new solution to counter cybercriminals, and to enable a future of secure digital transactions." Mr. Mosman is joining the company's board of directors.

"Pelion Venture Partners was the right investor to lead our Seed Plus round," said Dennis Moore. "The Pelion team are excellent early-stage investors and mentors to entrepreneurs, and deeply connected to our market and technology. We're excited and deeply honored to have Matt Mosman and Pelion Venture Partners on our team."

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The company also announced the addition of two industry luminaries to its board of advisors, and the establishment of a Digital Identity Early Adopters Program for new customers.  For more information, please visit https://www.presidioidentity.com/2021/09/29/presidio-identity-raises-additional-seed-funding-to-bring-digital-identity-solutions-to-market/.

About Presidio Identity

Presidio Identity is a pioneer in Digital Identity, enabling more secure, convenient, trusted, and private interactions between customers and their service providers, including banks, FinTechs, and other financial services firms. For more information, please visit PresidioIdentity.com.