Prism VentureWorks leads $11M Series B in online fraud prevention

By Mass High Tech Staff

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Needham-based venture capital firm Prism VentureWorks has led an $11 million second round of funding of Guard ID Systems Inc., an online identity theft and fraud prevention solutions provider. The financing also received support from new investor Intersections Inc. and Trinity Ventures, a return investor.

As part of the funding deal, Prism managing partner Jim Counihan and Michael Stanfield, CEO of Intersections, will join the board of directors for Guard ID Systems.

Guard ID Systems tracks and verifies IP addresses and sign-in protocols for more than 8,000 websites in order to prevent online identity theft and fraud.

Founded in 1996, Prism VentureWorks manages $1.25 billion for investment in software, digital media and life sciences companies. The firm has offices in Needham and Venice, Calif. Prism VentureWorks recently participated in a $6 million Series A round of funding for IT security software maker ChosenSecurity Inc.

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