Monday, August 11, 2008

ChosenSecurity adds $6M to first funding round

By Mass High Tech Staff

IT security software maker ChosenSecurity Inc. reports that it has received a $6 million extension to a Series A round of financing the company completed last year.

Investors include Boston-based .406 Ventures, Waltham-based Castile Ventures and Needham-based Prism VentureWorks.

Newton-based ChosenSecurity, a provider of on-demand digital certificate management services, plans to use the financing to increase the company’s expansion, officials said.

Last year, the company raised $8.5 million in a first round of financing led by .406 Ventures.

ChosenSecurity was formed as a spinoff from Needham-based GeoTrust before California-based VeriSign Inc. acquired GeoTrust for $125 million in 2006.

The company’s software is designed to secure network communications; encrypt transactions and data; secure access to applications; and authenticate individuals, documents, businesses and data through on-demand digital certificate management services.

Late last month, ChosenSecurity launched its new TC ID Store, a web-based virtual certificate authority that is intended to help small businesses use digital certificates. The site will allow small businesses to purchase and manage a variety of digital certificates on-demand in a fast, flexible and inexpensive manner, officials said.

During the first half of 2008, ChosenSecurity completed more than 150 transactions with new and existing customers and increased U.S. sales coverage to include all major North American territories, company officials said.