Trident leads $17.5m series-B for BehavioSec

Nicole Tovstiga
31 January 2018

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US venture capital firm Trident Capital Cybersecurity has led a $17.5m series-B for BehavioSec, a Swedish developer of technology to prevent identity theft.

Other participants in the round include Cisco Investments and ABN Amro Digital Impact Fund, alongside existing investors Octopus Ventures and Conor Venture Partners.

Trident Cybersecurity partners Alberto Yepez and Ken Gonzalez will join BehavioSec's board of directors.

The fresh capital will be used to expand global operations and relocate corporate headquarters from London to the US.

Previous funding
BehavioSec raised a €400,000 seed round led by Lunova and PNF Venture Capital in January 2008. In May 2011, the company raised a further €1m in its series-A, which saw Lunova and PNF joined by Conor, Norrlandsfonden, Partnerinvest Norr, and Innovationsbron Väst Startup.

Northzone Ventures provided an undisclosed amount of growth capital in a funding round in June 2013.

In December 2014, Northzone and Octopus Ventures led a €5m investment round, alongside existing investors Conor and Partnerinvest Norr. The series-B financing was used to speed up BehavioSec's international growth, boosting its presence in the UK and US, while further developing its product.

Octopus's Simon Andrews, Northzone's Bjorn Stray and Conor's Chris Barchak joined the board of directors as part of the investment.

Company
Founded in 2007 in Luleå, Sweden, BehavioSec is now based in London. It develops user verification technology called behavioural biometrics, for access to web and mobile applications.

The company's products work by tracking how a user interacts with a device or browser, analysing touch, pressure combinations, swipe speed, finger positioning and more to create additional security for the user.

People
Trident Cybersecurity – Alberto Yépez, Ken Gonzalez (managing directors).
ABN Amro – Hugo Bongers (director).
Octopus Ventures – Simon Andrews (portfolio manager).
BehavioSec – Neil Costigan (CEO).