RealTime IT News

nCipher Scores $8.25 Million in New Venture Funding

nCipher Corp. Ltd., a provider of hardware-based online security and transaction accelerator solutions, received a new round of venture funding totaling $8.25 million.

The capital will enable nCipher to expand its sales and marketing programs, as well as fuel the research and product development efforts, the company said.

New investors include 3i Group PLC, Bank Atlantic (BFC), Prelude Trust plc and Viventures, along with existing investors Celtic House Investment Partners, Top Technology and Newbury Ventures.

"nCipher was among the first to identify the key role to be played by fast, flexible security solutions in the next generation of online transactions," said Alex van Someren, president and CEO of nCipher. "Investor interest in the latest round of financing exceeded nCipher's expectation and the round was heavily over subscribed."

nCipher markets the nFast family of hardware-based cryptographic accelerators and secure key management devices. Customers include Barclays Bank, DLJ Direct, Equifax and eQ Online.