$350,000 raised by Socure as part of its mezzanine investment round


socureSocure disclosed selling 54% of its non-brokered mezzanine financing. The company launched a $650,000 investment round subscribed so far by five investors. The subscription which raised $350,000 started almost two weeks ago. $300,000 in additional funding can be raised before February 2015 based on the placement’s structure. The mezzanine offering’s estimated net proceeds will amount to $600,000 which excludes $50,000 to be paid toward officers’ salaries. Two previous unregistered financing rounds raised an estimated $1.1 million.

The company developed and markets a software as a service (SaaS) that allows companies to detect identity fraud and related fraudulent users on their websites and mobile application. The software utilizes a patent pending artificial intelligence system and proprietary machine learning algorithms with social behavior pattern analysis to detect if an ID is authentic, a fraudulent or a robot. The company offers an API for authentication, a reporting and analytics dashboard and its social biometrics product.

Sunil Madhu (President and CEO) leads the New York NY based company which was registered in 2012. Socure kept its revenues undisclosed.
The board of directors includes Oscar Salazar, Philip Eytan and Samuel Leinhardt.

The company has raised an estimated total of $1.45 million via private unregistered security offerings.

Beehive Biometrics is another company in the market which is marketing a biometric and social network analysis API for identity authentication. The company had raised $50,000.

Offering recap
Status: First close
Company: Socure
Industry: Other Technology
Amount offered: $650,000
Amount placed: $350,000
First sale: 02-21-2014
Data as of: 03-05-2014

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