Cork startup Trustev has secured $3m in seed funding to finance the further development of its e-commerce security and online fraud protection technology.
The funding was announced at the Web Summit in Dublin this morning.
Participants include US venture capital fund Greycroft Partners, Mangrove Capital Partners, ACT Venture Capital, Telefónica`s Wayra and Enterprise Ireland.
Since launching in May, 35 e-commerce companies around the world are now using Trustev's products to verify customers' identities on their websites.
By the end of the year, the company has predicted that it will be processing 10 million transactions a week for e-commerce companies.
The investment money will be used to finance Trustev's expansion in the US, where the company will soon open an office in New York. It will also be used to further develop its anti-fraud and payment protection solutions.
"We're thrilled to have such a strong pedigree of investors who believe in our technology and its proven ability to fight e-commerce fraud," said Trustev co-founder and chief executive Pat Phelan.
"Our focus is on pushing the complexity of fraud into the background, allowing online retailers to concentrate on servicing their honest customers while we identify and eliminate the troublemakers," he added.
According to research by eMarketer, global e-commerce sales are expected to reach nearly $1.3 trillion in 2013, making online fraud prevention an urgent and important requirement for business.