Data security provider ID Experts has raised $5 million in series A funding from BlueCross BlueShield Venture Partners and the Sandbox Advantage Fund.
In July, the Blue Cross Blue Shield Association announced all of its companies would make identity protection readily available to clients, leading to ID Experts appointment as one of Blue Cross' providers. The company's MyIDCare SaaS product protects customers from all nine types of identity theft, including financial and medical identity theft.
"This investment by BlueCross BlueShield Venture Partners and Sandbox Advantage Fund demonstrates the importance of protecting individuals from medical identity theft for both Blue Cross and Blue Shield companies and the healthcare industry as a whole," said Bob Gregg, CEO of ID Experts. "We look forward to working with BlueCross BlueShield Venture Partners to expand our MyIDCare offering to consumers, health plans, and businesses."
Investment bank Portico Capital Securities LLC served as exclusive financial advisor to ID Experts in completing this deal.
