The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
The company specializes in device identification, a technique that can spot instances of overseas criminals attempting to commit fraud by hiding their true location. Software industry veteran Reed Taussig has joined the company as president and CEO.
ThreatMetrix, a specialist in preventing online fraud, has moved its headquarters from Australia to Los Altos, CA, and recruited software veteran Reed Taussig as president and CEO.
The company specializes in device identification, which can spot instances of overseas criminals posing as U.S. consumers and using proxy servers to mask their true location. The technology can identify and prevent first-time fraud attempts, Taussig says. “There’s no reason to let that person into your system if the device clearly demonstrates he is lying about who he is and what he is trying to do,” Taussig says.
The company was founded in 2005 to market technology developed during the course of an Australian government security project, Taussig says. Founder and chief technology officer David Jones will remain in Australia and lead the engineering team.
Taussig previously was president and CEO of Vormetric, a provider of encryption technology for the Payment Card Industry Data Security Standards, and before that was president and CEO of Callidus Software, which supplied incentive management systems.
Also joining ThreatMetrix as vice president of marketing is Tom Grubb who has held senior marketing positions at Vormetric, bookkeeping software provider Intuit and software company Embarcadero Technologies.
Taussig says ThreatMetrix will sell its services directly to online retailers and through resellers like CyberSource Corp., a provider of payment and risk management services to web merchants.