DULUTH,Penley, a company that provides financial institutions and customers with security, identity validation and risk management solutions, has closed seed round financing.

Penley, which was founded in 2002, did not disclose the amount of the investment.

Bruce Lowthers, chief executive officer of the company, said Penley provides banks and financial institutions with improved security as well as the reporting of anti-money laundering efforts as required by the US Patriot Act.