May 12, 2005, 12:00 AM

Payment security provider Ingrian Networks gets $15.4 million in funding

Ingrian Networks, a provider of e-payment data security technology for retailers, has secured $15.4 million in a fourth round of venture funding, the company said.

Paul Demery

Managing Editor, B2B E-commerce

Ingrian Networks Inc., a provider of e-payment data security technology for retailers, has secured $15.4 million in a fourth round of venture funding, the company said.

Ingrian CEO Robert Steinkrauss said the proceeds will be used to enhance its data security technology and expand market share at a time when demand is increasing for payment security. “Increased consumer concern for data privacy, the continued prevalence of devastating security breaches, and rigorous security and privacy mandates, such as Visa’s CISP guidelines, are all creating tremendous awareness of the need to encrypt critical data at rest,” he said.

Visa’s Cardholder Information Security Program, and MasterCard’s Site Data Protection Program are mandating new standards in encrypting data in consumer databases.

The venture funding was led by Menlo Ventures, which was joined by Prism Venture Partners, Globespan Capital Partners, HighBAR Ventures and Partech International.

Ingrian, founded in 1999, has now received more than $55 million in venture capital.

 

 

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