News

ATM security firm gets additional $9M in funding

September 15, 2003

CUPERTINO, Calif. - iS3 Inc. (i-s-cubed), a provider of security management solutions for financial and enterprise applications, says it has raised $9.1 million in its Series B round of equity funding.

According to a news release, the round was led by Menlo Ventures and also included participation from several Silicon Valley venture capital firms, including BV Capital, Asset Management and existing investors.

The current $9.1 million Series B funding brings the total equity investment to date in iS3 to more than $11 million.

According to the release, iS3 will utilize the funds to expand its product lines and technology partnerships and further build its operations and sales functions.

Founded in June 2000, iS3 develops server-based solutions that manage the security content for devices and client applications in distributed network environments. Current applications for the banking and financial services industry include ATM and point-of-sale terminal encryption key and client application management, as well as broader enterprise encryption key and device management applications.

Thomas Gieselmann, general partner at BV Capital, said in the release that iS3 "targets a critical segment of financial industry security, and is well positioned to capitalize on the rapidly growing security management market with its innovative solutions."