ID Experts raises $5 million in financing to grow medical identity theft solutions

ID Experts has secured $5 million in additional Series A Financing from BlueCross BlueShield Venture Partners and the Sandbox Advantage Fund. ID Experts is a leading provider of data breach response services for organizations and identity recovery products that protect individuals from financial and medical identity theft, mitigate risks, and ensure compliance.

Organizations today, especially those in the health insurance space, are faced with challenges in securing the sensitive personal data of their members. The vulnerability of health data to criminal and cyber attacks has led forward-looking organizations in this market to rely on ID Experts to provide products and services that help them in reducing the potential harms to their members from breach risks.

“We look at this investment as a strategic partnership with ID Experts,” said Tom Hawes, M.D., Managing Director at Sandbox Industries who will join the Board of Directors at ID Experts. “ID Experts is poised for rapid growth with its data breach and identity protection solutions, especially in the healthcare space with its innovative MIDAS™ medical identity monitoring service. We’re looking forward to helping advise the company strategically as it addresses new market opportunities in healthcare.”

The MyIDCare™ SaaS product from ID Experts includes a unique medical ID alert system – MIDAS – that is the first and only offering of its kind. In today’s world of data breaches whereby sensitive information is readily exposed, individuals increasingly face risks of identity fraud. MyIDCare is designed to protect people from all nine types of identity theft including insurance, criminal, child, drivers’ license, Social Security, synthetic, financial, medical and employment.

“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.”