TrustID, a Lake Oswego startup, raises $7 million from Rogers Communications [The Oregonian, Portland, Ore.]
(Oregonian (Portland, OR) Via Acquire Media NewsEdge) Feb. 14--TrustID, a Lake Oswego startup, said this morning that it has raised $7 million in fresh investment from the big Canadian phone company Rogers Communications.
The Oregon company's technology authenticates caller ID numbers, so financial institutions and others have a clear idea of who's calling. That's a valuable tool, said chief executive Patrick Cox, because birthdays, maiden names and other traditional forms of authentication can be so easily found online.
TrustID, which employs 12 people, has now raised $14 million altogether.
"It just gives us a lot of runway to build out our business," Cox said, adding that the relationship with Rogers will help TrustID expand beyond the United States.
"They're going to give us a lot of options to get into international markets," he said.
Before starting TrustID in 2007, Cox was co-founder of Oregon communications startups Qsent and Metro One Telecommunications.
TrustID's investment is the latest in a quick series of investments in young Oregon companies, reversing a marked slowdown last year. TrustID's round brings the total value of venture deals announced in Oregon already this year to $62 million -- half of what startups raised in all of 2012.
-- Mike Rogoway; twitter: @rogoway; phone: 503-294-7699
(c)2013 The Oregonian (Portland, Ore.)
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