US-based cybersecurity software provider ID Experts closed a $27.5m round yesterday featuring BlueCross BlueShield Venture Partners, the corporate venture capital arm of health insurance provider Blue Cross and Blue Shield Association.
Healthcare-focused private equity firm Peloton Equity, cybersecurity-oriented venture capital firm Trident Capital Cybersecurity and VC firm Sandbox Industries’ Sandbox Advantage Fund also took part in the round.
John Banta, managing director of Blue Cross Blue Shield Venture Partners, by email said he was particularly interested in this area: “We’re knee-deep in it. Particularly next-gen threat detection and IAM [identity access management].”
ID Experts provides identity protection software and services for the healthcare, insurance, financial services and higher education sectors, and claims to be the largest provider of identity protection products to the US government.
The round will support the further development of the company’s software products, which include a medical ID alert system called Midas, and the repurchase of shares from existing investors.ID Experts also supplies the technology to eligible Blue Cross Blue Shield Association customers.
BlueCross BlueShield Venture Partners and Sandbox Advantage Fund had previously invested $5m in ID Experts in January this year.
Ted Lundberg and Justin Yang from Peloton Equity will join ID Experts board of directors’ in conjunction with the round, along with Sean Cunningham of Trident Capital Cybersecurity.