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FusionPipe Announces 100% Oversubscription of Its (7 Figure) Pre Series A Seed Round Financing
Friday, July 31, 2015Company Profile | Follow Company
FusionPipe Software CEO and Chairman David Snell
Vancouver, BC, July 31, 2015--(T-Net)--FusionPipe Software Solutions Inc., a Vancouver-based leader in providing world-class authentication & data security solutions for Enterprises, today announced that it has successfully closed it's Pre Series A Seed Round with a 100% equity investment oversubscription.
Specific terms of the financing have not been released, but company officials have indicated to T-Net that the financing is a "7 figure" Pre Series A Seed Round financing round (i.e. north of $1 million+, somewhere between $1M to $10M) with a series of accredited Angel investors participating.
David Snell, CEO and Chairman of FusionPipe commented: “The incredible interest that we have had in our Pre Series A Seed Round is a testament to the progress that our team has made towards commercialization of our unique and disruptive smartphone and wearable authentication solutions."
"Yes, we find ourselves in a perfect storm where cybercrime now costs the world economy $400B - $600B per year and the increased authentication convenience and security of our solutions is resonating with our enterprise target markets. But the real key to our success lies in our talented team. We have been able to introduce, in a relatively short period of time, differentiated authentication solutions which dramatically increase employee productivity and yet also increase data and network security in a way none of our competitors has been able to accomplish” he continued.
Having doubled the level of investment that FusionPipe was originally targeting, the company reported that it is now able to execute on a much larger expansion plan in a more condensed time period.
Much of the capital will be used for expanding the team, increasing research and development, expanding partnerships with government, enterprise customers and new channels to market, and accelerating the deployment of FusionPipe's advanced solutions in its chosen target markets, according to the company.
FusionPipe has been on a bit of a roll recently. The company recently hired a new VP Engineering and Products, and just last week the company announced that its latest password-less authentication solution for Windows PC's will be released to the market the first week of September (QuikID Smart Enterprise for Windows).
Founded in 2010, with offices in Vancouver BC and Cork, Ireland, FusionPipe Software's vision is to provide innovative authentication and data security solutions that reduce the threat of compromised passwords and data breaches, improve employee productivity, offer secure end-user convenience and reduce costs.
The company's patent pending QuikSafeTM technology solutions and Secure Communications Framework are the results of extensive R&D initiatives and collaboration with universities and research Labs and through strategic vendor partnerships with SAP, Microsoft, Cisco, Samsung, Intel/McAfee, VMWare, AWS and Trustonic, according to the company.
FusionPipe has been nominated for various awards, including BCTIA Most Promising Start Up Finalist, 2014 CIX Top 20 Canadian Companies, DigiBC Top 25 Innovative Companies in BC, NextBC Audience Choice Award and Deloitte Fast 50 BC Finalist.
Part of the FusionPipe Team celebrating their recent NextBC award at Science World. Peter Luong Founder, and David Snell CEO holding trophy.
Peter Luong, FusionPipe's founder & Chief Technology Officer (pictured above at recent company networking event)
For more information on FusionPipe's authentication & data security solutions, visit: www.fusionpipe.com
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Editor's Note: The company is also currently hiring for a number of sales, engineering and development related positions on T-Net. See their current open positions here or view their Company Profile to learn more about this company.
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About FusionPipe
FusionPipe's mission is to develop and market superior authentication software solutions that are both convenient and secure using smartphone and wearables to authenticate users to improve Enterprise productivity and data security.
Company website: www.fusionpipe.com
Media Contact
Giulietta van der Meer Mohr
Phone: 1.778.373.5716
Email: giulietta@fusionpipe.com
Company Snapshot |
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FusionPipe Software Solutions Inc
Vancouver (InfoTech)
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