Investment

Zumigo raises $6 million in financing to expand operations, services

ZumigoZumigo Corp., a provider of mobile device location and identity verification services, announced last week that it has raised $6 million in Series B financing to expand business operations, accelerate product development and introduce new products and services.

The financing was led by Intel Capital, a new investor, with participation from existing investors including Aligned Partners.

“In an increasingly connected world, mobile, cloud, security, location and commerce are fundamental to any services strategy,” Hank Skorny, the vice president and general manager of Intel Services, said. “With their best-in-class commerce fraud solution, we see Zumigo as a leader in this space.”

The announcement comes just after news that Wells Fargo has also invested in Zumigo, which works with financial institutions around the world to secure payment transactions and help prevent fraud.

According to Zumigo, the industry has seen increased adoption of mobile networks to verify and authenticate transactions.

“We are seeing a plethora of new security, financial and other applications that will utilize Zumigo’s products,” Zumigo founder and CEO Chirag Bakshi said. “This new financing validates our direction and success, and will accelerate growth in our core business of providing mobile location and identity products to financial organizations and enterprises alike.”

Zumigo authorizes transactions through customer location and verifies the user identity with the device based on data across global networks and mobile devices. Founded in 2008, the company—headquartered in San Jose, Calif.—is led by experts from the mobile and financial industries.

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