CONCORD, Mass. Memento Inc. has raised $7.5 million in venture capital funding. Boston-based venture capital firm .406 Ventures led the funding, with continued backing from Bain Capital Ventures, Rock Maple Ventures and private investors.
"We're very excited to have .406 involved in our financing," said B.C. Krishna, president and chief executive officer of Memento. "They have deep knowledge of the security challenges faced by today's financial services organizations. And they bring a wealth of experience building new markets successfully. We look forward to working with the team at .406."
"We invest in companies that are changing the game in their marketplace, and Memento is definitely in that category," said Maria Cirino, co-founder and general partner of .406 Ventures. "They have an exceptional team and a uniquely powerful and innovative solution. And they're addressing a large, untapped need in a multi-billion dollar market."
Memento plans to use the funds raised to expand sales, extend its management team, and broaden the capabilities of its Memento Security solution, the company said.
Based in Concord, Mass., Memento designs software dedicated to monitoring and detecting costly internal fraud and inappropriate activities. Memento Security its flagship software product provides a full-featured, powerful solution unlike any other available on the market, the company said. Memento Security proactively monitors employee activities, detects suspect actions, and gives corporate security teams the information they need to reduce fraud and inappropriate activities.
Krishna has a master's degree in visual studies from the Massachusetts Institute of Technology Media Lab and a master's degree in computer science from the Birla Institute of Technology and Science in Pilani, India.