TeleSign, which provides authentication services of mobile phones, has raised $40 million in a Series B round led by Adams Street Partners. Also participating in the round are March Capital Partners and existing investor Summit Partners. Los Angeles-based TeleSign raised $29 million from Summit in May 2012, according to Thomson Reuters (publisher of peHUB). TeleSign is led by CEO Steve Jillings, a tech vet who was previously was CEO of FrontBridge Technologies and Vantage Media.
TeleSign Secures $40M Series B Investment to Power Future Growth and Innovation
Los Angeles – April 29, 2014 – TeleSign today announced it has closed a USD$40 million Series B financing round, enabling the company to invest aggressively in new innovation and growth opportunities.
The latest round was led by Adams Street Partners with participation from March Capital Partners and existing investor, Summit Partners.
The funding will primarily be used to invest in TeleSign’s global growth strategy, as well as financing an aggressive hiring strategy for the company’s product development and engineering teams.
TeleSign has pioneered ‘Mobile Identity’, a platform that verifies users by associating a valid mobile phone number with every user account. Many of the largest global companies use TeleSign to maintain the integrity of their ecosystems by detecting suspicious users before account creation and protecting their existing users from account compromise.”
“Our goal is to make the internet a safer place by protecting digital businesses and users from fraud,” said TeleSign CEO, Steve Jillings. “TeleSign is already successful and profitable. We’ve grown from 12 to more than 200 employees and doubled revenue every year for the last 4 years and we expect that growth to continue. This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and move toward our goal of a public offering.”
“Companies are clamoring for robust yet simple-to-use security solutions that can serve a global user base. TeleSign’s Mobile Identity platform has already proven to be core to the identity and security strategies of the largest web properties,” said Robin Murray, Partner, Adams Street Partners. “TeleSign’s client roster, track record, and innovative product roadmap made it an obvious choice for us and we are pleased to be able to lead this investment.”
TeleSign’s rapid innovation and highly reliable services have earned the trust of the world’s largest companies, protecting 3.5 billion accounts in more than 200 countries. TeleSign provides services to more than 500 clients including nine of the top 10 US web properties and 19 of the top 25 globally.
Every second, of every day, TeleSign protects the world’s largest Internet, mobile app, and cloud properties by establishing and verifying Mobile Identity.
TeleSign’s Mobile Identity platform gives digital businesses the ability to connect a unique identity with every account to verify new registrations and authenticate existing users. TeleSign created Mobile Identity to help businesses preserve their ecosystem by detecting a suspicious user before account creation, and to better protect their existing user base from account compromise.
TeleSign is trusted by the world’s largest companies and protects 3.5 billion accounts in more than 200 countries and in 87 languages.