Scio Secures Investment From True Ventures, Others to Develop Safe Mobile Transactions

8/18/10

Scio Security, an Ann Arbor, MI-based developer of mobile phone transaction security systems, has received an undisclosed amount of venture capital investment from True Ventures, a Palo Alto, CA-based firm that invests in early-stage companies. Scio co-founder Jon Oberheide confirmed in an e-mail to me this morning that the investment happened this week and that the company “will be announcing the other participants in the round shortly.”

“Scio provides the simplest and safest way to secure any Internet transaction by delivering multi-factor authentication as a service,” True Ventures said in a news release announcing the investment. “They are in short disrupting an industry riddled with complex and expensive solutions.”

AnnArbor.com reports today that Scio will announce it has raised $1 million from several VC firms.

Scio Security was founded by Oberheide and Ann Arbor entrepreneur Dug Song, who was chief security architect at Arbor Networks (recently acquired by Danaher) until 2007, and has been an advisor to mobile software firm Mobiata. Scio develops software to improve security purchases from mobile devices such as smart phones.

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