miiCard has closed its first funding round and
completed a management buyout.

The funding raised a total of over £550K from
VC, angel and public sector sources. Investment has been secured
from angel syndicate Par Equity, venture capital group IQ Capital
and the Scottish Investment Bank’s Scottish Seed Fund.

The miiCard is an internet identity card, a
sort of online passport that allows users to validate their
identity when transacting online as well as combating the problem
of internet fraud.

CEO James Varga said: “From buying and
selling online to using social networks, we often need to be able
to prove our identity online and in real-time. miiCard will do
that by offering an alternative to the traditional offline checks
of driver’s licence, passport or utility bill.”

The miiCard works by allowing users to set up
a miiCard account and validating their identity by linking it to
another account such as a bank account. The points of validation
are checked on a regular basis to keep your miiCard up to date.

The miiCard is expected to launch in late 2011
in time for the retail Christmas season.

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