BehavioSec, a security startup spun out of research at Sweden’s Luleå Technical University, has raised €1 million in a round led by Conor Venture Partners, Partnerinvest Norr and Innovationsbron. Previous investors, Lunova, PNF Venture Capital and Norrlandsfonden also participated.
The new funding will be used to accelerate the company’s expansion into international markets and to service existing customers. Sami Ahvenniemi, Partner with Conor Venture Partners, will also join BehavioSec’s board.
Founded in 2007, BehavioSec provides “behavior-based identity theft prevention solutions” to address online fraud and identity theft that plague the uptake of e-commerce. It does this by creating a unique digital fingerprint of each end-user’s behavior, which are then utilized to help verify a user’s identity while they are accessing online services and e-commerce sites, thus helping to prevent fraud and identity theft in realtime.
Commenting on the investment, Ahvenniemi talks up BehavioSec’s “technical lead in identifying and separating valid users from fraudsters” and the opportunity that exists to bring the technology to international markets.