LegiTime Technologies Inc. Completes $2.5M Series A Financing Round
LegiTime Technologies Inc. Completes $2.5M Series A Financing Round
Company to deliver improved mobile communication security
Montreal, Canada, March 1, 2007 — MSBi Capital, a provider of seed and early stage venture capital for the commercialization of innovations in information technology, the physical sciences and life sciences, announced today a $750,000 investment in LegiTime Technologies Inc. (“LegiTime”) — a developer of software tools and applications addressing the issue of unsolicited communications over a broad range of electronic media through approaches entailing a demonstration of legitimacy. MSBi Capital investment was part of a $2.5M Series A financing round with Connecticut Innovations (CI).
The company’s “Demonstration of Legitimacy” (DOL) technology framework addresses the sizable mobile security market — expected to grow to $5 billion by 2011. LegiTime plans on licensing its DOL technology to carriers, original equipment manufacturers, system integrators and software developers to provide an end-to-end secure environment for an unlimited variety of communication applications and services. By implementing LegiTime’s DOL technology, mobile developers and carriers will be able to provide high quality service and protect networks and subscribers from spam, malware and denial of service attacks.
LegiTime’s technology offers a unique solution that embodies a concept known as “proof of work.” LegiTime is the first to implement this security “trusted source” approach in a robust and straightforward manner that leverages unbreakable algorithms that underpin today’s electronic banking transactions. Traditional spam and malware mitigation tools screen incoming communications based on a communication’s content or information about the sender. LegiTime’s innovative new DOL technology creates a “trusted source”, which can be freely combined with existing security techniques. The sender demonstrates legitimacy by performing computations that are unique to each message and can be verified by a recipient with negligible effort.
“We are ready to use this investors’ vote of confidence to jump-start the development of our technology and expand our team”, Eric Strauss, co-founder and chief executive officer of LegiTime Technologies, commented, “LegiTime plans to have its product delivered by this Fall and we are working hard to establish partnerships with mobile carriers, integrators and developers. We strongly believe that LegiTime solution will put mobile communication security on a new level.”
“With current growth of mobile data applications, LegiTime is poised to capture significant interest from numerous constituencies with its unique solution”, added Chris Arsenault, Partner at MSBi Capital, “With our early support of the technology developed by co-founder John Swain, LegiTime’s chief science officer, we managed to help attract the right management team to the Company to bring an innovative idea to life.”
About LegiTime Technologies Inc.
LegiTime Technologies, located in Westport, CT is the first to develop a mobile security framework that reliably protects the network and its users from unsolicited communication by implementing a “trusted source” policy without a-priori exchange. LegiTime¹s Demonstration of Legitimacy (DOL) Technology creates an easily integrated, customizable application and communication security platform, which protects networks from malware, spam, denial of service and other open system threats. By licensing its DOL technology to members of the mobile ecosystem, LegiTime transparently offers users unmatched protection with a hierarchy of “trust levels” and communication security such as authentication/verification, data integrity, non-repudiation, priority delivery and accounting services. LegiTime’s current product implements this technology across the SMS and MMS mobile messaging platforms. For more information on LegiTime, please send a request to info@legitime.net.
About MSBi Capital
MSBi Capital is a seed and early stage venture capital fund dedicated to commercializing innovations in information technology, life sciences, and the physical sciences. MSBi Capital has a particular focus on establishing and building companies based on technology advancements and inventions originating from the universities of McGill, Sherbrooke and Bishop’s, as well as their affiliated hospitals and research institutes. More information about MSBi is available at www.msbi.ca.
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, non-profit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
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Editorial Contact:
Zara Myles, MSBi Capital
514–982–9044, zmyles@msbi.ca
Eric Strauss, LegiTime Technologies Inc.
203–227–1500, estrauss@legitime.net
